Question

p , qand R are partners sharing profit equally they decided that in future R are will get one fifth share in profits on the day of change forms Goodwill is value at 300000 rupees make the necessary journal entries​

Answer 1

Answer:

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Explanation:

Gaining ratio or sacrificing ration will be calculated as:

Gaining/Sacrificing Ratio = New Ratio - Old Ratio

Therefore:

For A = 1/3 - 3/6

= 2 - 3

6

= 1/6 Gaining Ratio

For B = 1/3 - 2/6

= 2 - 2

6

= No Change

For C = 1/3 - 1/6

= 2 - 1

6

= 1/6 Sacrificing Ratio

If no Goodwill account is not opened than an adjustment entry will be passed as under: Rs.18000 * 1/6 = Rs.3000

If Goodwill Account is opened, first goodwill account is created by crediting partners capital account in their old profit sharing ratios:

Goodwill Account Dr. 18000

To A's Capital Account 9000

To B's Capital Account 6000

To C's Capital Account 3000

Than, Goodwill will be written off in the new profit sharing ratio:

A's Capital Account Dr.6000

B's Capital Account Dr. 6000

C's Capital Account Dr. 6000

To Goodwill Account 18000

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Answer 2

Answer:

Answer in the reference,,,,