Question

014. Anita, Asha and Amrit are partners sharing profits in the ratio of 3:2:1 respectively From 1st
January, 2010, they decided to share profits in the ratio of 1:1:1. The partnership deed provided
that in the event of any change in profit sharing ratio, the goodwill should be valued at three
years' purchase of the average of five years' profits. The profits and losses of the preceding five
years are
Year
Profit
2005
31,20,000
2006
3,00,000
2007
3,40,000
2008
*3,80,000
Loss
2009
1,40,000
Showing the working clearly, give the necessary journal entry to record the above
change​

Answer 1

Answer:

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