Accountancy > Accounting For Partnership Firms > Change In Profit Sharing Ratio
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(a) G, M and R were partners in a firm sharing profits in the ratio of 7 : 2 : 1. With effect from 1st April, 2023, they decided to share future profits in the ratio of 3 : 2 : 1. Due to the change in profit sharing ratio, R gained 1/15 in the profits. For this gain R was debited with ₹ 20,000 for his share of goodwill. The value of goodwill of the firm was:
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