Question

Vinod and Ashish were partners in a firm sharing profits in 3 ratio 2 from 1st March 2014 they decided to change their profit sharing ratio to 3 ratio 1 for this purpose the Goodwill of the form was valued at rupees 120000 pass necessary general entry for the treatment of goodwill​

Answer 1

Answer:

goodwill account dr.

to vinod capital account

to Ashis capital account

(in old ratio)