Mahesh, Ramesh and Naresh were partners in a firm sharing profits in the ratio of 5:32. From 

1st April, 2023, they decided to share profits equally. On that date, there was a balance of Rs.  3,60,000 in General Reserve and a debit balance of Rs. 1,80,000 in the Profit and Loss Account. Pass single adjustment Journal entry for the above on account of change in the profit-sharing ratio.

Marks-3, CBSE: 2023-24/Zone-5/Set-1/Q-18