Madan and Gopal are partners sharing profits in the ratio of 3 : 2. They admit sooraj for 1/3rd share in profits on 1st Apirl, 2019. They also decide to share future profits equally. Goodwill of the firm was valued at RS.5,50,000. Goodwill existed in the books of account at RS.1,00,000, which the partners decide to carry forward.
(a) Goodwill is the to be raised and written off, and
(b) Goodwill is to be raised and written off.

A, B and C partners sharing profits in the ratio of 4:3:2 decided to share profits equally. Goodwill of the firm is valued at Rs 10,800. In adjusting entry for goodwill:

X and Y were partners sharing profits in the ratio of 2 : 1. With effect from 1st April, 2016, they decided to share profits in the ratio of 3 : 1. For this purpose the goodwill of the firm is valued at Rs. 1,80,000. Give the necessary journal entry.

P and Q were partners sharing profits and losses in the ratio of 3:2. They decided that with effect from 1st january, 2019 they would share profits and losses in the ratio of 5:3. Goodwill is valued at Rs 1,28,000. In adjustment entry:

Yogesh and Naresh are partbners sharing profits in the ratio of 3 : 2. They admit Ramesh for 1/3rd share on 1st April, 2019 and also decide to share future profits equally. Balance Sheet of the firm as at 31st March, 2019 was as follows: They admitted Ramesh on the following terms: (a) He will bring RS.5,00,000 as his capital. (b) His share of goodwill is valued RS.1,00,000 but he is unable to bring cash for his share of goodwill. It is agreed to debit the amount to his current Account. (c) Value of Land and Building is to be apperciated by RS.40,000 each. (d) Value of Furniture to be reduced to RS.40,000. Provision for Debts to be increased to 10%. (f) A liability for damages of RS.10,000 is to be created. Pass the Journal entries on admission of Ramesh and prepare Revaluation Account.