Amar, Ali and Ajay were partners in a firm sharing profits and losses in the ratio of $\displaystyle 2$ : $\displaystyle 2$ : 1. On 1st April, $\displaystyle 2024$, Ajay decided to retire from the firm. On that day, the balance in his capital account after making necessary adjustments on account of reserves, revaluation of assets and reassessment of liabilities was $\displaystyle 2,64$,000. Amar and Ali agreed to pay him $\displaystyle 3,00,000$ in full settlement of his claim. Calculate Ajay's share of goodwill and pass the necessary journal entry for the same.

Calculation of Ajay’s share of Goodwill:- (₹) Amount agreed to be paid in full settlement = $\displaystyle 3,00,000$ Less: Ajay’s share (after all adjustments) = ($\displaystyle 2,64,000$) $\displaystyle 36,000$ In the books of Amar, Ali and Ajay Journal Date Particulars L.F. Dr. Cr. Amount Amount (₹) (₹) $\displaystyle 2024$ Amar’s Capital A/c Dr. $\displaystyle 18,000$ April Ali’s Capital A/c Dr. $\displaystyle 18,000$ $\displaystyle 01$ To Ajay’s Capital A/c $\displaystyle 36,000$ (Ajay’s share of goodwill adjusted in continuing partners’ capital account in their gaining ratio)