Question

X, Y and Z are partners sharing profits and losses in the ratio of 3 : 2 :1 . Y retires selling
his share of Goodwill to X and Z for 16000, 10000 being paid by Xand 6000 by Z.
The profit for the year after Y's retirement is 24,000. Pass necessary journal entries to:
a) Sale of Y's share of Goodwill to X and Z.
b. Distribute the profit between X and Z.​

Answer 1

Explanation:

b=x share is 18000 z=6000