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Aman, Vikram and Sonu are partners sharing profits in the ratio of 4 : 3 : 1. Vikram retires selling his share of profits to
Aman, Vikram and Sonu are partners sharing profits in the ratio of 4 : 3 : 1. Vikram retires selling his share of profits to Aman & Sonu for Rs. 8,100; Rs. 3,600 paid by Aman and 4,500 paid by Sonu. Profit for the year after Vikram retirement was Rs. 10,500.
You are required:-
- To give necessary journal entries to record the transfer of Vikram's share to Aman and Sonu.
- To calculate new profit sharing ratio and distribute the profits between A and C.
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