Question

OR
Samiksha, Ash and Divya were partners in a firm sharing profits and
losses in the ratio of 5: 3:2. With effect from 1st April, 2019, they agreed
to share future profits and losses in the ratio of 2 : 5:3. Their Balance
Sheet showed a debit balance of = 50,000 in the Profit and Loss Account
and a balance of 40,000 in the Investment Fluctuation Fund. For this
purpose, it was agreed that:
Goodwill of the firm be valued at 3,00,000.
(ii) Investments of book value of = 5,00,000 be valued at $4,80,000.
Pass the necessary journal entries to record the above transactions in the
books of the firm.
4​

Answer 1

Answer:

5:2

Goodwill a/c

to insestment

50000:40000