Question

P, Q and R were partners in a firm sharing profis in 5:3:2 ratio. They decided to share the future pro in 2:3:5. For this purpose the goodwill of the firn was valued at 31,20,000. In adjustment entry for the treatment of goodwill due to change in the profit sharing ratio :
(A) Cr. P by 24,000; Dr. R by 24,000
(B) Cr. P by 260,000; Dr. R by 260,000
(C) Cr. P by 36,000; Dr. R by 36,000
(D) Dr. P by 36,000; Cr. R by 36,000​

Answer 1

Answer:

Sacrifice or gain

old share - new share

P= 5/10-2/10= 3/10(sacrifice)

Q,= 3/10-3/10=0

R= 2/10-5/10=3/10(gain)

Goodwill if firm = 120000

share of P &R in goowill = 120000*3/10= 36000

journal

R'capital a/c. dr 36000

To P' capital account. 36000

option c is correct

Answer 2

Answer:

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