Mehak, Ambush and Anshu were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$:$\displaystyle 3$:2. With effect from 1st April, $\displaystyle 2023$, they agreed to share profits and losses in the ratio of $\displaystyle 4$:$\displaystyle 3$:3. On that date, there was a General Reserve of ₹ $\displaystyle 80,000$ in the books of the firm. It was agreed that : (i) Goodwill of the firm be valued at ₹ $\displaystyle 3,00$,000. (ii) Loss on revaluation of assets and re-assessment of liabilities amounted to ₹ $\displaystyle 50$,000. Pass necessary journal entries for the above transactions in the books of the firm.

Books of Mehak, Ayush and Anshu Journal L.F Debit Credit Amount Amount Date Par'culars (₹) (₹) $\displaystyle 2023$ 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 ra-o) 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 Revalua-on A/c $\displaystyle 50,000$ (Loss on revalua-on transferred to partners’ capital accounts in old ra-o) 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 ra-o )