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Abhay and vaibhav are partners sharing profits in the ratio of 2:1.theydwcided to share furture profits equally.on the date of changein the profit-sharing ratio, the profit and loss account showed a credit blance of ₹24000. Record the necessary journal entry for the distribution of the blance in the profit and loss account before the change in the profit-sharing ratio if they decided not close the profit & loss account.?
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Abhay and vaibhav are partners sharing profits in the ratio of 2:1.the...
And loss account.

The journal entry will be:

Profit and Loss Account Dr. ₹24,000
To Abhay's Capital Account ₹16,000
To Vaibhav's Capital Account ₹8,000

Explanation:
As per the existing profit-sharing ratio of 2:1, Abhay's share of profit in the Profit and Loss account will be 2/3rd (16,000) and Vaibhav's share will be 1/3rd (8,000). Since they have decided to share future profits equally, the existing profit and loss balance also needs to be distributed equally between them. Therefore, Abhay's capital account will be credited with ₹16,000 and Vaibhav's capital account will be credited with ₹8,000. The Profit and Loss Account will be debited with the total amount of ₹24,000.
Community Answer
Abhay and vaibhav are partners sharing profits in the ratio of 2:1.the...
Vaibhav to be debited by₹ 4000and Abhay to be created by same amount
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Abhay and vaibhav are partners sharing profits in the ratio of 2:1.theydwcided to share furture profits equally.on the date of changein the profit-sharing ratio, the profit and loss account showed a credit blance of ₹24000. Record the necessary journal entry for the distribution of the blance in the profit and loss account before the change in the profit-sharing ratio if they decided not close the profit & loss account.?
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Abhay and vaibhav are partners sharing profits in the ratio of 2:1.theydwcided to share furture profits equally.on the date of changein the profit-sharing ratio, the profit and loss account showed a credit blance of ₹24000. Record the necessary journal entry for the distribution of the blance in the profit and loss account before the change in the profit-sharing ratio if they decided not close the profit & loss account.? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Abhay and vaibhav are partners sharing profits in the ratio of 2:1.theydwcided to share furture profits equally.on the date of changein the profit-sharing ratio, the profit and loss account showed a credit blance of ₹24000. Record the necessary journal entry for the distribution of the blance in the profit and loss account before the change in the profit-sharing ratio if they decided not close the profit & loss account.? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Abhay and vaibhav are partners sharing profits in the ratio of 2:1.theydwcided to share furture profits equally.on the date of changein the profit-sharing ratio, the profit and loss account showed a credit blance of ₹24000. Record the necessary journal entry for the distribution of the blance in the profit and loss account before the change in the profit-sharing ratio if they decided not close the profit & loss account.?.
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