21 :- M, N and O are partners in a firm sharing profits in the ratio of 3:2:1. Goodwill has been valued at Rs 60,000. On N’s retirement, M and O agree to share profits equally. Pass the necessary journal entry for treatment of N’s share of goodwill.
22 :- A, B, C and D are partners in a firm sharing profits, in the ratio of 2:1:2:1. On the retirement of C, Goodwill was valued Rs 180,000. A, B and D decide to share future profits equally. Pass the necessary journal entry for the treatment of goodwill.