Question

x, y and z are partners in the firm. sharing profits ratio of the 3:2:1 . y retires. the value of goodwill of the firm is rupees 1,20,000 . remaining partners x and z continue to share of profits in the ratio of 3:1 . pass journal entry
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Answer 1

Answer:

When the new partner purchases his share of profit from the old partners equally : In such cases, the new profit sharing ratio of the old partners can be calculated by deducting the sacrifice made by them from their existing share of profit.

Explanation:

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