8 ABC are three partners sharing profit and loss equally. The firm decides to give only...
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8 ABC are three partners sharing profit and loss equally. The firm decides to give only 1/5th share of profit to C in future due to his illness. on the date of change in the profit sharing ratio the goodwill of the firm was valued Rs.6000. What entry would be made to give effect to this change in the profit sharing ratio A B C D A's Capital A/c Dr. Rs.2500, B's Capital A/c Dr. Rs.3500, C's Capital A/c Cr. Rs.6000 A's Capital A/c Dr. Rs.4000, B's Capital A/c Dr. Rs.2000, C's Capital A/c Cr. Rs.6000 A's Capital A/c Dr. Rs.3000, B's Capital A/c Dr. Rs.3000, C's Capital A/c Cr. Rs.6000 A's Capital A/c Dr. Rs.2000, B's Capital A/c Dr. Rs.4000, C's Capital A/c Cr. Rs.6000 8 ABC are three partners sharing profit and loss equally. The firm decides to give only 1/5th share of profit to C in future due to his illness. on the date of change in the profit sharing ratio the goodwill of the firm was valued Rs.6000. What entry would be made to give effect to this change in the profit sharing ratio A B C D A's Capital A/c Dr. Rs.2500, B's Capital A/c Dr. Rs.3500, C's Capital A/c Cr. Rs.6000 A's Capital A/c Dr. Rs.4000, B's Capital A/c Dr. Rs.2000, C's Capital A/c Cr. Rs.6000 A's Capital A/c Dr. Rs.3000, B's Capital A/c Dr. Rs.3000, C's Capital A/c Cr. Rs.6000 A's Capital A/c Dr. Rs.2000, B's Capital A/c Dr. Rs.4000, C's Capital A/c Cr. Rs.6000
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Answer rating: 100% (QA)
B As Capital Ac Dr Rs4000 Bs Capital Ac Dr Rs2000 Cs Capital Ac Cr Rs6000 Explanation When the p... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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