Question:
Promil, Kamlesh and Ritika were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2025 they decided to share future profits in the ratio of 2 : 3 : 5. On 31st March, 2025, their Balance Sheet was as follows :
Balance Sheet of Promil, Kamlesh and Ritika as at 31st March, 2025
Promil, Kamlesh and Ritika were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2025 they decided to share future profits in the ratio of 2 : 3 : 5. On 31st March, 2025, their Balance Sheet was as follows :
Balance Sheet of Promil, Kamlesh and Ritika as at 31st March, 2025
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On change in profit sharing ratio, accumulated reserves are distributed in old ratio. Goodwill adjustment is made by debiting gaining partners and crediting sacrificing partners in their sacrificing ratio.
Updated On: Mar 1, 2026
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Solution and Explanation
In the books of the firm
Journal Entries
Journal Entries
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