Ram, Laxman, and Bharat who were sharing profits and losses in the ratio of 5 : 3 : 2, decide to share profits and losses equally with effect from 1st April, 2023.

The goodwill of the firm is valued at ₹ 4,50,000. Goodwill is appearing in the books is at ₹ 75,000.

Pass necessary Journal entries to record the above change.

Anurag Pathak Changed status to publish April 1, 2024
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