S and I are partners sharing profits and losses in the ratio of 1 : 2. They admit V as a partner and revise the profit-sharing ratio to: S 2/5; T 2/5: V 1/5. 

Goodwill is valued at $60 000 but no Goodwill is to be recorded in the books. 

Which entries will be made in the partners' Capital accounts?

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A B C D S $ Debit 4 000 Credit 24 000 Credit 4 000 Debit 24 000 Capital accounts T $ Credit 16 000 Te Credit 24 000 Debit 16 000 Debit 24 000 V Debit 12 000 ENDOMLY Debit 48 000 Credit 12 000 Credit 48 000