P. Q and R are partners sharing profits equally. They decided that in future R will get 1/7 share in profits. On the day of change, firm's Goodwill is valued 42,000: Give Journal Entries arising on account of change in profit sharing ratio.

Dear Student,


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R’s share of goodwill =42,000/7 =6,000 Sacrificing ratio=1:1(partners share profits equally) Journal entry: R’s capital a/c. Dr. 6,000 To P’s capital a/c. 3,000 To Q’s capital a/c. 3,000
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Apologies!!!! The above answer is an incorrect answer
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sorry iam not getting the correct answer!!
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