ILLUSTRATION 27:A, B and C are partners sharing profits and losses in the ratio of 3 : 2:1. On 1st January 2015, they decided to share profits and losses equally in future profits. The Goodwill of the firm is valued at $ 60,000. Give necessary journal entry

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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ILLUSTRATION 27:A, B
and C are partners
sharing profits and
losses in the ratio of 3 :
2:1. On 1st January 2015,
they decided to share
profits and losses
equally in future profits.
The Goodwill of the firm
is valued at $ 60,000.
Give necessary journal
entry
Transcribed Image Text:ILLUSTRATION 27:A, B and C are partners sharing profits and losses in the ratio of 3 : 2:1. On 1st January 2015, they decided to share profits and losses equally in future profits. The Goodwill of the firm is valued at $ 60,000. Give necessary journal entry
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