Question

3. Sunil, Shahid and David are partners sharing profits and losses in the ratio of 4:3:2. Shahid retires and the
goodwill is valued at 72,000. Calculate Shahid's share of goodwill and pass the Journal entry for Goodwill.
Sunil and David decided to share future profits and losses in the ratio of 5:3.​

Answer 1

Answer:

Step-1 : Find out Gaining ratio of remaining partner and sacrificing ratio of sacrificing partner (if any)

Step-2 : Find out share of retiring partner or sacrificing partner in goodwill

Step-3 : Amount calculated under step 2 will be compensated by gaining partner in gaining ratio.

entry will be :

Gaining Partner's Capital A/C Dr

To Sacrificing Partner's Capital A/C

Answer 2

Answer: see the answer in images