Question

A,B, C and D are partners in a firm sharing profits and losses in the ratio of 2:2:1:1. They
decided to share profits in future in the ratio 4:3:2:1. For this purpose goodwill of firm was
valued at Rs. 1,80,000. There was also a reserve of RS.60,000 in the books of firm.
You are required to give the Adjustment Entry.​

Answer 1

Answer:

A, B, C and D are partners in a firm sharing profits, in the ratio of 2 : 1 : 2 : 1. On the retirement of C, Goodwill was valued ₹ 1,80,000. A, B and D decide to share future profits equally. Pass the necessary Journal entry for the treatment of goodwill.

Explanation:

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