Question - 11

Amit, Sumit and Namit are partners sharing profit in the ratio of 3:2:1 on 1st April, 2018 they decided to share profit and loss equally on that date there was a credit balance of Rs. 1,20,000 in their profit and loss accounts and balance of Rs. 60,000 in general reserve record the necessary journal entries in the books of the firm the partners decided to distribute the profit and the general reserve before bringing the new profit sharing ratio into force.

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