Question

8. A, B & C are partners sharing profit & loss equally. They decided that in future
C
will receive 1/7 share in profit. On the day of change, firm's goodwill was valued at
42,000. Give journal entries arising on account of change in profit sharing ratio.​

Answer 1

Answer:

C's capital a/c.................dr.6000

To A's capital a/c 3000

To B's capital a/c 3000