A and B are partners sharing profits & Losses in the ratio of 3:1. Their capitals were Rs. 60,000 and Rs. 40,000 respectively. As from 1st April 2005 it was agreed to change the profit sharing ratio to 3:2. According to the partnership deed goodwill should be valued at three years purchase of the average of five yearâ??s profits. The profits of the previous five years were 2001: Rs 30,000, 2002: Rs.40,000, 2003: Rs 50,000, 2004: Rs. 60,000 & 2005: Rs. 70,000 Pass necessary Journal entry.
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