Question 10 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 010 Chapter 4 of +2- Part-

Question 10 Chapter 4 of +2-Part-1

10. (Distribution of Profit and loss account) Sita and Geeta share the profit in 3:2 ratio. On 1st April 2016, the P & L a/c (debit) showed Rs.50,000. They changed their profit sharing ratio to 2:1 but before this change, they distributed the balance in profit and loss a/c.
Pass journal entry.

The solution of Question 10 Chapter 4 of +2 Part-1: – 

Distribution of profit and general reserve or reconstitution of partnership
Particulars
Sita Geeta
     
Profit and loss a/c distributed in 3:2 ratio (Cr.)30,000 (Cr.)20,000
(Being profit & loss account adjusted on D’s admission)    

 

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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2 Book 1 min - Question 10 Chapter 4 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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