X, Y and Z who are presently sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits & losses equally with effect from 1st April, 2023.

Goodwill of the firm is valued at ₹ 1,80,000. Goodwill already exists in the books at ₹ 30,000.

Pass the necessary Journal entries for the adjustment of Goodwill by raising and writing it off.



Anurag Pathak Changed status to publish May 7, 2023