A, B and C are partners …

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A, B and C are partners Sharing profit and Losses in the ratio 1:1:1 On 1st April 2022, B retires and the new ratio between A and C is 3:1.
Pass the Journal entry at the time of retirement if the value goodwill of the firm is 1,20,000.
Also, the firm has a book goodwill of 2,40,000 at the time of retirement.
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