Accounting for Partnership : Basic Concepts | Past Adjustments | Problem 38 Solution | NCERT

#class12 #class12accounts #class12accountancy #ncert #ncertsolutions #ncertsolution #cbse #puc The firm of Harry, Porter and Ali, who have been sharing profits in the ratio of 2 : 2 : 1, have existed for same years. Ali wants that he should get equal share in the profits with Harry and Porter and he further wishes that the change in the profit sharing ratio should come into effect retrospectively were for the last three year. Harry and Porter have agreement on this account. The profits for the last three years were: ₹ 2014-15 22,000 2015-16 24,000 2016-17 29,000 Show adjustment of profits by means of a single adjustment journal entry. Accounting for Partnership - Basic Concepts Past Adjustments Partners' Capital Accounts Partners' Current Accounts Fixed Capital Method Fluctuating Capital Method Partners Business Partners Firm Class 12 Accounts Partnership Fundamentals Intro: 00:00 Problem Statement : 00:26 Analysis : 01:35 Recap: 03:28 Method 1: Not Applicable Method 2: Directly in Partners Capital A/c: 8:18 Outro: 19:29 Additional problems on Accounting for Partnership : Basic Concepts, Guarantee of Profit to the Partners can be found at https://eduxir.com/curriculum/cbse/cl... Class 12 Accountancy Books: https://amzn.to/3kMGdDX #SpecialAspectsOfPartnershipAccounts #SpecialFeaturesOfPartnershipAccounts #DistributionOfProfits #PastAdjustments #DistributionOfProfitsAmongParters #DistributionOfProfitsAmongTheParters #Partners #Partnership #Accounting #Accounts #Commerce #NCERT #CBSE #PUC #Class12 #PartnershipFundamentals #MadeWithVideoscribe #WhiteBoard #WhiteBoardAnimation