Anu, Manu, Tanu and Kanu were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2 : 1. They decided to share profits and losses in the ratio of 4 : 2 : 3 : 1 with effect from 1st April, 2022. On this date, goodwill of the firm was valued at ₹1,20,000 and General Reserve appeared in the books at ₹36,000.

Pass necessary journal entries for the above transactions. Show your workings clearly.

Marks-3, CBSE:2022-23/Zone-1/Set-1/Q-18