CA CPT Model Test Paper 10 with solutions for online practice

The capital of O and P are Rs. 60,000 and Rs. 20,000 respectively with the profit sharing ratio 3:1. They decide to change the ratio to 5:3. On the date of change goodwill is valued at Rs. 75,000. Goodwill account will not appear in the books. Journal entry to give the above effect will be