Q5 A B and C shared profits and losses in the ratio of 3 2 1 respectively With effect from 1st April......

Q5.A, B and C shared profits and losses in the ratio of 3 : 2 : 1 respectively. With effect from 1st April, 2019, 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 Partners' Capital Accounts; and b

Goodwill is raised and written off.

By: Aman