Profit and loss appropriation account - class-XII

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Question 1 of 34

A, B, and C are partners sharing profits in the ratio of $ 5:3:2.$ They decide to share the future profits in the ratio of 2:3:5 with effect from $1st$ April, 2018. What will be accounting treatment of Workmen Compensation Reserve appearing in the Balance Sheet on that date when no information is available for the same?

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Distributed among the partners in their in their capital ratio.

Distributed among the partners in their new profit-sharing ratio.

Distributed among the partners in their old profit-sharing ratio.

Carried forward to new Balance Sheet.

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