Question

X, Y and Z were sharing profits and losses in the ratio of 2:3:1. Their balance sheet on 31.3.2019 showed the following balances: Workmen Compensation Reserve Rs.50,000; Investment Fluctuation reserve Rs.25,000; Goodwill Rs.30,000 and Advertisement suspense Rs.30,000. X, Y and Z decided to change their profit-sharing ratio as 3:2:1 w.e.f 31.3.2019. They goodwill was to be valued at 2 year’s purchase of average profits of the last three completed years. The profits for the last three years were Rs.1,20,000; Rs.2,32,500 and Rs.3,45,000 respectively. Pass necessary journal entries.​

Answer 1

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