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(Distribution of accumulated profits & losses): A, B and C were Partners in a firm sharing profits and losses in the ratio of 2: 2:1.
(Distribution of accumulated profits & losses): A, B and C were Partners in a firm sharing profits and losses in the ratio of 2: 2:1. They decided to dissolve their firm on 31st December 2014. On that date, Profit and Loss Account showed a debit balance of $ 2,00,000 and General Reserve showed a balance of $ 3,00,000. Pass the necessary Journal Entries
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