Fundamentals of Partnership

Accountancy (CUET)

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X Y and Z are partners sharing profits and losses in the ratio 5 : 3 : 2. They decide to share the future profits in the ratio 3 : 2 : 1. Workmen compensation reserve appearing in the balance sheet on the date if no information is available for the same will be :

Distributed to the partners in old profit sharing ratio

Distributed to the partners in new profit sharing ratio

Distributed to the partners in capital ratio

Carried forward to new balance sheet without any adjustment