X,Y and Z are in partnership sharing profits and losses in the ratio 5:3:2. On 1st April, 2015 they decided to share equally in future. On that date firm showed a balance in reserve Rs. 12,000 and profit and loss Rs 15,000. On that date goodwill was valued at Rs 48,000. Partners decided not to show goodwill in the books and they decided not to distibute General Reserve and Profit and Loss. Give necessary entry.

X,Y and Z are in partnership sharing profits and losses in the ratio 5

1.	X,Y and Z are in partnership sharing profits and losses in the ratio 5:3:2. On 1st April, 2015 they decided to share equally in future. On that date firm showed a balance in reserve Rs. 12,000 and profit and loss Rs 15,000. On that date goodwill was valued at Rs 48,000. Partners decided not to show goodwill in the books and they decided not to distibute General Reserve and Profit and Loss. Give necessary entry.
Answer» X,Y and Z are in partnership sharing profits and losses in the ratio 5:3:2. On 1st April, 2015 they decided to share equally in future. On that date firm showed a balance in reserve Rs. 12,000 and profit and loss Rs 15,000. On that date goodwill was valued at Rs 48,000. Partners decided not to show goodwill in the books and they decided not to distibute General Reserve and Profit and Loss. Give necessary entry.

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