Sangeeta, Deepa, Ajay and Lalit were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$ : $\displaystyle 2$ : $\displaystyle 4$ : 1. They decided to share profits and losses in the ratio of $\displaystyle 5$ : $\displaystyle 1$ : $\displaystyle 2$ : $\displaystyle 2$ with effect from 1st April, 2022. On this date, the goodwill of the firm was valued at ₹ $\displaystyle 5,20,000$, General Reserve appeared in the books at ₹ $\displaystyle 1,00$,000. Pass necessary journal entries for the above transactions. Show your workings clearly.

Sacrificed Share = Old share – New share Sangeeta $\displaystyle 3$/$\displaystyle 10$ – $\displaystyle 5$/$\displaystyle 10$ = ($\displaystyle 2$/$\displaystyle 10$ ) Gain Deepa $\displaystyle 2$/$\displaystyle 10$ – $\displaystyle 1$/$\displaystyle 10$ = $\displaystyle 1$/$\displaystyle 10$ Sacrifice Ajay $\displaystyle 4$/$\displaystyle 10$ – $\displaystyle 2$/$\displaystyle 10$ = $\displaystyle 2$/$\displaystyle 10$ Sacrifice Lalit $\displaystyle 1$/$\displaystyle 10$ – $\displaystyle 2$/$\displaystyle 10$ = ($\displaystyle 1$/$\displaystyle 10$ ) Gain Books of Sangeeta, Deepa, Ajay and Lalit Journal Debit Credit Date Particulars L.F Amount Amount (₹) (₹) $\displaystyle 2022$ General Reserve A/c Dr. $\displaystyle 1,00,000$ April $\displaystyle 1$ To Sangeeta’s Capital A/c $\displaystyle 30,000$ To Deepa’s Capital A/c $\displaystyle 20,000$ To Ajay’s Capital A/c $\displaystyle 40,000$ To Lalit’s Capital A/c $\displaystyle 10,000$ (General reserve distributed in old ratio) ,, Sangeeta’s Capital A/c Dr. $\displaystyle 1,04,000$ Lalit’s Capital A/c $\displaystyle 52,000$ To Deepa’s Capital A/c $\displaystyle 52,000$ To Ajay’s Capital A/c $\displaystyle 1,04,000$ (Goodwill adjusted on change in profit sharing ratio )