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X, Y and Z are partners sharing profits and losses in the ratio of 7 : 5 : 4. Their Balance Sheet as at 31st March, 2019 stood as:
Profit and Loss A/c
Partners decided that with effect from 1st April, 2019, they will share profits and losses in the ratio of 3 : 2 : 1. For this purpose, goodwill of the firm was valued at 1,50,000. The partners neither want to record the goodwill nor want to distribute the General Reserve and profits. Pass a Journal entry to record the change and prepare Balance Sheet of the constituted firm.
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