A, B, C and D were partners sharing profits in the ratio of 5 : 3 : 2 : 2. B died on 1st March, 2024. Goodwill of the firm was valued at ₹ 6,00,000

A, B, C and D were partners sharing profits in the ratio of 5 : 3 : 2 : 2. B died on 1st March, 2024. Goodwill of the firm was valued at ₹ 6,00,000. A, C and D decided to share future profits equally. Give necessary journal entry.

[Ans. Debit C and D by ₹ 1,00,000 each and Credit A by ₹ 50,000 and B by ₹ 1,50,000.]