Question

56. In the partnership agreement between A, B and C who were sharing profits 4:2:2
goodwill was to be valued on the death of any partner on the basis of such partner's shar
two years purchases calculated on the average of five years' profits immediately preceding
year of death less 10%. The firm's profits were* 15,000 in 2007, 25,000 in 2008, 40.000
2009 and losses of 5,000 in 2010 and 2,000 in 2011. The deceased partner's share of pro
for the period of his lifetime in the year of death was to be based on the average of the
of three previous years plus 10%.
A died on 31st May, 2012. His Capital Account showed a credit of 10,000 on 1st January, 2
and he had drawn 1.500 since that date.
Show the amount of Goodwill and the share of profits payable to him.

Answer 1

Answer:

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Explanation:

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