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Aparna, Manisha and Sonia are partners sharing profits in the ratio of 3 : 2 : 1. Manisha retires and Goodwill of the firm is valued at Rs.1,80,000. Aparna and Sonia decided to share future in the ratio of 3 : 2. Pass necessary journal entries.

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Working Notes :

1. Manisha’s share of goodwill:

Total goodwill of the firm × Retiring Partner’s Share, 1,80,000 ×\(\frac{1}{3}\) = 60,000

2. Gaining Ratio = New Ratio – Old Ratio

Aparna Gaining Share 

Sonia Gaining Share 

Gaining Ratio between Apama and Sonia = 3:7

3. Apama’s share in goodwill = 60,000 ×\(\frac{1}{10}\) = 18,000

Sonia’s share in goodwill = 60,000 × \(\frac{7}{10}\) = 42,000

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