Keshav, Nirmal and Pankaj are partners s...

Keshav, Nirmal and Pankaj are partners sharing profits and losses in the ratio of `4:3:2`. Nirmal retires and the goodwill is valued at Rs. 72,000. Keshav and Pankaj decided to share future profits and losses in the ratio of 5:3. Record necessary journal entries (a) when goodwill is raised at its full value and written off immediately (b) when goodwill is not to appear in firms books at all.

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