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Ashish, Aakash and Amit are partners sharing profits and losses equally. The Balance Sheet as at 31st March, 2019 was as follows:
Cash in Hand
Cash at Bank
Land and Building
The partners decided to share profits in the ratio of 2 : 2 : 1 w.e.f. 1st April, 2019. They also decided that:
Value of stock to be reduced to 1,25,000.
Value of machinery to be decreased by 10%.
Land and Building to be appreciated by 62,000.
Provision for Doubtful Debts to be made @ 5% on Sundry Debtors.
Aakash was to carry out reconstitution of the firm at a remuneration of 10,000. Pass necessary Journal entries to give effect to the above.
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