Question

4. X, Y and Z are partners, sharing profits equally. They decide that in future Z will get 1/5th share in
the profits. On the day of change, firm's goodwill is valued at 3,00,000. Give necessary journal
entry.​

Answer 1

Explanation:

Goodwill a/c Dr 60000

To Z'capital A/c 60000

( being share of profit of Z is given)

$300000 \times \frac{1}{5} = 60000$

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