A, B and C shared profits and losses in the ratio of 3 : 2 : 1 respectively.

With effect from 1st April, 2023, they agreed to share profits equally.

The goodwill of the firm was valued at ₹ 18,000.

Pass necessary Journal entries when:

(a) Goodwill is adjusted through Partner’s Capital Accounts; and

(b) Goodwill is raised and written off.

Anurag Pathak Changed status to publish April 28, 2023