Amal and Aman are partners of a firm sharing profit and loss in the ratio of 4:3. Their Balance Sheet Shows OMR 14,000 as Profit and Loss A/c in the Assets side. Pass the necessary journal entry in the books of accounts?

Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter17: Dynamic Capital Structures And Corporate Valuation
Section: Chapter Questions
Problem 7P
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Amal and Aman are partners of a firm sharing profit and loss in the ratio of 4:3. Their Balance Sheet Shows OMR 14,000 as Profit and Loss A/c in the Assets side. Pass the necessary journal entry in the books of accounts?
a.
Profit and Loss A/c 14,000 To Amal Capital A/c 8,000 Aman Capital A/c 6,000
b.
None of the options
c.
Amal Capital A/c 8,000 Aman Capital A/c 6,000 To Profit and Loss Appropriation A/c 14,000
d.
Amal Capital A/c 8,000 Aman Capital A/c 6,000 To Profit and Loss A/c 14,000
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