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Ram, Laxman and Bharat are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of 1,80,000. Laxman retires and at the time of his retirement, goodwill is valued at 2,52,000. Ram and Bharat decided to share future profits in the ratio of 2 : 1. The Profit for the first year after Laxman's retirement amount to 1,20,000. Give the necessary Journal entries to record goodwill and to distribute the profit. Show your calculations clearly.
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