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Ganesh Mahesh and Dinesh our partner who share profit and loss in the ratio of 3:1:1 their balance sheet as on 31 December 2016 was as follow:- liability:- (a) capital accounts Ganesh 60000 Mahesh 40000 Dinesh 30000. (b) general reserve 30,000. assets:- (a) sundry assets 140000. (b) profit and loss account 20000. on January 1 2017 Dinesh retired it there is any reserve profit or loss pass necessary general entry for the same Ganesh and Mahesh decided to distribute profit in future equally. |
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