A and B are partners in a firm sharing profit in the ratio of 3 :2 .they decided to share profit in the ratio of 3 :4 w. e. f.,April 1st 2016 on that that date there was a credit balance of 70000 in their profit and loss account pass the necessary journal entry assuming that partner decided to distribute the profits.

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Profit & Loss Dr 70000
To As Capital 42000
To Bs Capital 28000
Being 70000 distributed in 3:2
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