Madhu, Manama and Mukul were partners in a firm sharing profits in the ratio of $\displaystyle 3$ :$\displaystyle 2$: $\displaystyle 1$ . On 31st March, $\displaystyle 2021$ Mukul retired from the firm. On Mukul's retirement, goodwill of the firm was valued at ₹ $\displaystyle 3,00$,000. Pass necessary Journal entry for the treatment of goodwill without opening goodwill account on Mukul's retirement.

Journal Date Particulars F Debit Credit Amount Amount (₹) (₹) Madhu’s Capital A/c. Dr. $\displaystyle 30,000$ Manav’s Capital A/c. Dr. $\displaystyle 20,000$ To Mukul’s Capital A/c. $\displaystyle 50,000$ (Being Mukul’s share of goodwill adjusted in remaining Partners Capital Accounts in the gaining ratio) Working Notes: Firm’s Goodwill = ₹ $\displaystyle 3,00,000$ $\displaystyle 1$ ´ Mukul’s Share of goodwill= $\displaystyle 3,00,000$ = ₹ $\displaystyle 50,000$ $\displaystyle 6$