A,B and C are partners sharing profit and losses in the ratio of 2:2:1 decided to retire And on this date goodwill of the firm is valued at Rs 2,00,000. Pass entries when goodwill account is already appearing in the books at Rs 1,50,000.
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Explanation:
Sharing of profit ( Old Ratio) = 15000 : 10000 : 5000
Sharing of profit ( New Ratio) = 12000 : 12000 : 6000
Difference - A Cr. 3000 ; B Dr. 2000 ; C Dr. 1000
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