Question:
Aastha, Diya and Mohit were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2025 their Balance Sheet was as follows:
Balance Sheet of Aastha, Diya and Mohit as at 31st March, 2025
- [(i)] Goodwill of the firm was valued at ₹ 2,00,000 and the same was to be treated without opening goodwill account.
- [(ii)] Revaluation of assets and reassessment of liabilities resulted in a loss of ₹ 60,000.
- [(iii)] Amount payable to Aastha was transferred to her loan account.
Pass necessary journal entries for goodwill, general reserve and revaluation of assets and reassessment of liabilities on Aastha's retirement.
Aastha, Diya and Mohit were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2025 their Balance Sheet was as follows:
Balance Sheet of Aastha, Diya and Mohit as at 31st March, 2025
- [(i)] Goodwill of the firm was valued at ₹ 2,00,000 and the same was to be treated without opening goodwill account.
- [(ii)] Revaluation of assets and reassessment of liabilities resulted in a loss of ₹ 60,000.
- [(iii)] Amount payable to Aastha was transferred to her loan account.
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When a partner retires, adjustments for goodwill, reserves, and revaluation are made through partners' capital accounts. Goodwill share of retiring partner is borne by continuing partners in their gaining ratio.
Updated On: Feb 26, 2026
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Solution and Explanation
In the books of the firm
Journal Entries
Journal Entries
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