Q.12 X, Y and Z are partners in a firm sharing profits in the ratio of 3:2: 1. They decide that Z's
share would be 1/3 in future. For this purpose, goodwill of the firm is valued 60,000.
Pass necessary journal entry to give effect to the change.
(Ans. New ratio 6:4: 5, Sacrifice of X 3/30 and Y 2/30, Z's gain 5/30; Debit Z's
capital A/c 10,000 credit X 6,000 and Y4,000)
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