Question

X, Y and Z were partners in a firm sharing profits in the ratio of 3: 2:1. Z retired and the new profit
sharing ratio between X and Y was 1 : 2. On Z's retirement the goodwill of the firm was valued at
30,000. Pass necessary journal entry for the treatment of goodwill on Z's retirement.​

Answer 1

Goodwill =Rs.30,000

Partners (3 : 2 :1)

old ratio (1 : 2)

New ratio Net effect

X

Y

Z 15,000

10,000

5,000 10,000

20,000

- 5,000 (Cr)

10,000 (Dr)

5,000 (Cr)

30,000 30,000

∴ Journal entry

Y's capital a/c Dr 10,000

To X's capital a/c 5000

To Z's capital a/c 5000

Answer 2

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