Back to Accountancy
Question 1 of 20
Random Accountancy Practice
20 randomly selected questions from all Accountancy topics
Progress: 0%
Success Rate: 0%
Question 1
accounting-for-partnership-firms > change-in-profit-sharing-ratio
(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.
0 of 20 answered
Random Practice Session
Questions Answered0 / 20
Correct Answers0
Session Success Rate0%
Random Practice Ready! 🎯
Community Stats
Active Learners31
Questions Attempted625
Community Success Rate69%
Track Your Random Practice
Sign up to save your random practice progress and compare your performance across different subjects.