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(i) Mars, Venus and Jupiter were partners in a firm sharing profits in the ratio of 5 : 3 : 2 dealing in manufacturing of handicrafts and Khadi items. From 1st April, 2017, they decided to share the profits equally. For this purpose, the goodwill of the firm was valued at Rs. 2,40,000. Pass necessary journal entry for the treatment of goodwill on change in the profit sharing ratio of Mars, Venus and Jupiter. (ii) Also identify the value shown in the above problem.

Answer:

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