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Mandeep, Vinod and Abbas are partners sharing profits and losses in the ratio of 3 : 2 : 1. From 1st April, 2019 they decided to share profits equally. The Partnership Deed provides that in the event of any change in profit-sharing ratio, goodwill shall be valued at three years' purchase of average profit of last five years. The profits and losses of past five years are:
Profit − Year ended 31st March, 2015 − 1,00,000; 2016 − 1,50,000; 2018 − 2,00,000; 2019 − 2,00,000.
Loss − Year ended 31st March, 2017 − 50,000. Pass the Journal entry showing the working.
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