Mehak, Ambush and Anshu were partners in a firm sharing profits and losses in the ratio of 5:3:2. With effect from 1st April, 2023, they agreed to…

Books of Mehak, Ayush and Anshu Journal L.F Debit Credit Date Particulars Amount Amount (₹) (₹) $\displaystyle 2023$ General Reserve A/c Dr $\displaystyle 80,000$ Apr $\displaystyle 1$ To Mehak’s Capital A/c $\displaystyle 40,000$ To Ayush’s Capital A/c $\displaystyle 24,000$ To Anshu’s Capital A/c $\displaystyle 16,000$ (General Reserve, transferred to partners’ capital accounts in old ratio) Mehak’s Capital A/c Dr $\displaystyle 25,000$ “ Ayush’s Capital A/c Dr $\displaystyle 15,000$ Anshu’s Capital A/c Dr $\displaystyle 10,000$ To Revaluation A/c $\displaystyle 50,000$ (Loss on revaluation transferred to partners’ capital accounts in old ratio) Anshu’s Capital A/c Dr $\displaystyle 30,000$ “ To Mehak’s Capital A/c $\displaystyle 30,000$ (Share of goodwill adjusted to partners’ capital account in their sacrificing / gaining ratio )