Question

Amit and Kajal were partners in a firm sharing profit in the ratio of 3:2 with effect from January 1st 2015 they agreed to share profit equally for this purpose The Goodwill of the firm was valued at rupees 60000 pass the necessary journal entry

Answer 1

Explanation:

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Answer 2

Sacrifice by Amit (3/5)-(1/2)= 1/10

Gain by Kajal (1/2) - (2/5) = 1/10

Kajal's Capital a/c Dr. 6000. {60000× 1/10}

To Amit's Vali a/c. 6000

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