Question

X,Y and Z are partners sharing profits and losses in the ratio of 5:3:2, decided to share future
profits and losses equally with effect from 1st April 2020. On that date, the goodwill appeared in
the books at Rs.12,000. But it was revalued at Rs.30,000. Pass journal entries if goodwill not
appear in the books of account.​

Answer 1

Answer:

Goodwill A/c. Dr. 12,000

To X's captial a/c. 6,000

To Y's captial a/c. 3,600

To Z's captial a/c. 2,400