20 February 2022
In a partnership firm there are three partners , Theirs profit sharing ratio is as follow respectively A-50% B-40% and C-10% Net profit for FY 2020-21 is Rs. 50,00,000 Now i want to transfer Net profit to partners capital account, can i pass journal entry as below Net Profit Dr. Rs. 50,00,000 A Capital Account Cr. Rs. 25,00,000 B Capital Account Cr rs. 20,00,000 C Capital Account Rs. 5,00,000 Please reply entry passed are true or False.
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