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Question
Anubhav, Shagun and Pulkit are partners in a firm sharing profits and losses in the ratio of 2:2:1. On 1st April 2021, they decided to change their profit-sharing ratio to 5:3:2. On that date, debit balance of Profit & Loss A/c ₹30,000 appeared in the balance sheet and partners decided to pass an adjusting entry for it.
Which of the undermentioned options reflect correct treatment for the above treatment?
Options
Shagun's capital account will be debited by ₹3,000 and Anubhav’s capital account credited by ₹3,000
Pulkit's capital account will be credited by ₹3,000 and Shagun's capital account will be credited by ₹3,000
Shagun's capital account will be debited by ₹30,000 and Anubhav’s capital account credited by ₹30,000
Shagun's capital account will be debited by ₹3,000 and Anubhav’s and Pulkit’s capital account credited by ₹2,000 and ₹1,000 respectively
Solution
Shagun's capital account will be debited by ₹3,000 and Anubhav’s capital account credited by ₹3,000
