Sam and Jose are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April 2018, they admitted Joel as a partner. On the date of Joel’s admission, goodwill appeared in the books of the firm at Rs. 30,000. By assuming fluctuating capital method, pass the necessary journal entry if the partners decide to
1. write off the entire amount of existing goodwill
2. write off Rs. 20,000 of the existing goodwill.
