Amit and Viney are partners in a firm sharing profits and losses in 3:1 ratio-Solution

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Q.29. Amit and Viney are partners in a firm sharing profits and losses in 3:1 ratio. On 1.1.2017 they admitted Ranjan as a partner. On Ranjan’s admission the profit and loss account of Amit and Viney showed a debit balance of Rs 40,000. Record necessary journal entry for the treatment of the same.

SOLUTION

Books of Amit and viney

Journal

DateParticularsL.F.Amount
(Dr.)		Amount
(Cr.)
2017
Jan 1Amit’s capital A/cDr.30,000
Viney’s capital A/cDr.10,000
     To Profit and loss A/c40,000
(written off firm’s profit and loss A/c’s debit balance)

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