Give the journal entry to distribute General Reserve and Profit and Loss Account balance appearing on the liabilities side of Balance Sheet. Post category:Accountancy Reading time:1 mins read SOLUTION General Reserve A/c Dr.Profit and Loss A/c Dr. To Old Partner’s Capital A/cs(In old Ratio) Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhat are accumulated losses? Next PostState the need for treatment of Goodwill on admission of a partner. You Might Also Like A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C as partner in the firm for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C brings in only 60% of his share of firm’s goodwill. Goodwill of the firm has been valued at Rs. 1,00,000. Pass necessary journal entries to record this arrangement. August 1, 2022 State how Cash Flow Statements are historical in nature? October 6, 2022 Radha, Tina and Reeta were partners sharing profits equally. Reeta died on 31st July, 2021. Radha and Tina decided to continue the business. Share of profit or loss of the deceased partner from the beginning of the year up to the date of death was to be determined on the basis of last year’s profit, which was 4,50,000.Pass necessary Journal entry to record Reeta’s share of profit/loss up to the date of death. August 5, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.