Accountancy > Accounting For Partnership Firms > Change In Profit Sharing Ratio
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(a) G and M were partners in a firm sharing profits in the ratio of 4 : 1. With effect from 1st April, 2024 they decided to share profits in the ratio of 3 : 2. On that date Workmen Compensation Reserve appeared in the books of the firm at ₹ 50,000. A claim of ₹ 20,000 on account of Workmen Compensation was admitted. In the necessary journal entry to record the above, G's Capital account will be:
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