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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.
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