A, B & C were sharing profits & losses in the ratio of 3 : 2 : 1. They decided to share profits & losses equally in future. General reserve was appearing in their books at Rs. 60,000. Goodwill was valued at Rs. 1,20,000. The partners do not want to disturb the general reserve. The adjusting entry will be :
Held on 28 May 2023 · Verified 13 Jul 2026.
A's capital A/C Dr. 1,80,000
To C's Capital A/C 1,80,000
A's capital A/C Dr. 1,80,000
To B's Capital A/C 1,20,000
To C's Capital A/C 60,000
C's capital A/C Dr. 30,000
To A's Capital A/C 30,000
C's capital A/C Dr. 1,80,000
To A's Capital A/C 1,20,000
To B's Capital A/C 60,000
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
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