question_answer

X, Y and Z are partners sharing profits and losses equally. From 1st April, 2017, they decide to share profits in the ratio of 2 : 1 : 1. X's share has been increased because he introduced additional capital of Rs. 1,50,000. At the time of reconstitution, the following assets and liabilities are revalued and reassessed.

Items	Book figure (Rs.)	Revised Figure (Rs.)
Freehold Premises	7,50,000	8,00,000
Stock	2,25,000	2,00,000
Debtors	75,000	72,000
Furniture	1,00,000	90,000
Creditors	30,000	25,000

Partners decided to record the above adjustments without affecting the book value of assets and liabilities by passing a single adjustment entry. Pass the necessary entries.

Answer:

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