A, B, C and D were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 2 : 1. On 1st April, 2018, D retired and the new profit sharing ratio decided was 3 : 1 : 1. On D's retirement the goodwill of the firm was valued at Rs 3,60,000. Pass the necessary Journal entry in the books of the firm at the time of D's retirement.

A, B, C and D were partners in a firm sharing profits and losses in th

1.	A, B, C and D were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 2 : 1. On 1st April, 2018, D retired and the new profit sharing ratio decided was 3 : 1 : 1. On D's retirement the goodwill of the firm was valued at Rs 3,60,000. Pass the necessary Journal entry in the books of the firm at the time of D's retirement.
Answer» A, B, C and D were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 2 : 1. On 1st April, 2018, D retired and the new profit sharing ratio decided was 3 : 1 : 1. On D's retirement the goodwill of the firm was valued at Rs 3,60,000. Pass the necessary Journal entry in the books of the firm at the time of D's retirement.