P, Q and R are partners sharing profits equally. They decided that in future R will get 1
Channel: Doubtnut
Date: 2020-04-26

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 at Rs. 42,000. Give Journal Entries arising on account of change in profit sharing ratio.