Anubha and Yuvika were partners in a firm in the ratio of 3 : 2. From 1 st April 2024, they decided to share future profits and losses in the ratio of 2:3. On this date, their balance sheet showed a balance of ₹50,000 in General Reserve and a debit balance of ₹2,50,000 in Profit and Loss Account. Partners decided to write off Profit and Loss Account but decided not to distribute the General Reserve.

Pass the necessary journal entries for the above transactions on the reconstitution of the firm. Show your workings clearly.

Marks-3, CBSE: 2024-25/Zone-2/Set-1/Q-17