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Aran and Varan are partners sharing profits in the ratio of 4 : 3. Their Balance Sheet showed a balance of ? 5 6,000 in the General Reserve Account and a debit balance of ? 14,000 in Profit and Loss Account. They now decided to share the future profits equally. Instead of closing the General Reserve Account and Profit and Loss Account, it is decided to pass an adjustment entry for the same. In adjustment entry :

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Aran and Varan are partners sharing profits in the ratio of 4 : 3. Their Balance Sheet showed a balance of ? 5 6,000 in the General Reserve Account and a debit balance of ? 14,000 in Profit and Loss Account. They now decided to share the future profits equally. Instead of closing the General Reserve Account and Profit and Loss Account, it is decided to pass an adjustment entry for the same. In adjustment entry :






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