Question

Jai and Raj are partners sharing profits in the ratio of 3:2 with effect from 1st april 2018 they desided to share profits equally. Goodwill appeared in the books at Rs.25000 as on 1st April, 2019,It was valued at Rs.100000. They desided to carry goodwill in the books of the firm. Pass the journal entry giving effects to the above.

Answer 1

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Answer 2

goodwill acc Dr 75000
To Revaluation
75000