X, Y and Z are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of ₹ 60,000. Y retires and at the time of Y’s retirement, goodwill is valued at ₹ 84,000. X and Z decide to share future profits in the ratio of 2 : 1. Pass the necessary journal entries through Goodwill Account.

X, Y and Z are partners sharing profits in the ratio of 3 : 2 : 1. Goo

1.	X, Y and Z are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of ₹ 60,000. Y retires and at the time of Y’s retirement, goodwill is valued at ₹ 84,000. X and Z decide to share future profits in the ratio of 2 : 1. Pass the necessary journal entries through Goodwill Account.
Answer» Notes: WN1: Calculation of Gaining RATIO X :Y :Z=3:2:1 (Old ratio)X :Z = 2:1 (NEW ratio)Gaining Ratio = New Ratio - Old RatioWN2: Calculation of Retiring Partner’s Share of GoodwillY's share of goodwill will be brought by X and Z in their gaining ratio 1:1Therefore, X's CAPITAL A/c will be debited with And, Y's Capital A/c will be debited with

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