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Accountancy > Accounting for Partnership Firms > Change In Profit Sharing Ratio
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Question 1
(a) The firm of K, R and M who have been sharing profits in the ratio of 2 : 2 : 1, have existed for some years. M wanted that he should get equal share in the profits with K and R and he further wished that the change in the profit sharing ratio should come into effect retrospectively for the last three years. K and R had agreement for this.
The profits for the last three years were:
2021-22 : ₹ 2,15,000
2022-23 : ₹ 2,24,000
2023-24 : ₹ 3,11,000
Show adjustment of profits by means of a single adjustment journal entry. Show your working clearly.
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