Gita, Hina and Isha were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 2. Gita died. Hina and Isha decided to share profits and losses in the future, equally. On the day of Gita’s death, goodwill of the firm was valued at ₹8,00,000. Calculate gaining ratio and pass necessary journal entry to record treatment of goodwill on Gita’s death.

Marks-3, CBSE: 2023-24/Compartment/Set-1/Q-17