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Question
P, Q and R share profits in the ratio of 5 : 4 : 3. R retires and the new ratio is 5 : 3. If R is given ₹ 60,000 as goodwill, what will be the journal entry?
Journal Entry
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Solution
| Journal Entry | ||||
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
| P's Capital A/c ...Dr. | 50,000 | |||
| Q's Capital A/c ...Dr. | 10,000 | |||
| To R's Capital A/c | 60,000 | |||
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