Answer:
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Step-by-step explanation: firm sharing profits and losses in the ratio of 3
2. From Ist April, 2020 they decided to share the future profits equally. On this date, the General Reserve
showed a balance of 1,60,000; Revaluation of fixed assets resulted into a gain of "1,02,000 and stock resulted
to a loss of 22,000. On this date, the goodwill of the firm was valued at $3,60.000
Pas necessary journal entries for the above transactions on reconstitution of the form
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