Question

A and B and C are partners sharing profit in the ratio 5:3:2 they decided to share share profit equally in the future on the day of change firms Goodwill is valued at 45000 rupees make journal entries assuming that Goodwill account already appeared in the books at 5000 rupees

Answer 1

$45000 + 5000 = 50000 \\ 5 + 3 + 2 = 10 \\ 10 = 50000 \\ 1 = 5000 \\ A 5 = 25000 \\ B 3 = 15000 \\ C 2 = 10000$