[CBSE] DK Goel Q. 30 Change in Profit Sharing Ratio Solutions Class 12 (2024-25)

Solution of Question 30 of Change in Profit sharing ratio DK Goel Class 12 CBSE (2024-25)

A, B and C are partners sharing profits equally. From 1st April, 2022, they decided to share profits in the ratio of 3 : 4 : 5. On that date, Profit and Loss Account showed a credit balance of ₹ 90,000. Partners do not want to distribute the Profit and Loss Account balance but prefer to record the change by an adjustment entry. You are required to give the adjusting entry.

[Ans. Debit C and Credit A by ₹ 7,500.]

Solution:-