Accountancy, asked by bajpaigaurang62, 8 months ago

ab and C are partners sharing profits in the ratio of 4:3:2. B decides to retire and
surrenders his share to A and C in the ratio of 3:1.The Goodwill of the firm is valued at 1.5
years purchase of super profits based on average profits of the last three years which were
Rs 2,00,000, Rs 2.40,000 and Rs 3,10.000 respectively. The normal profits for the similar
firm are Rs 1,70,000. Goodwill already appears in the books of the fim at Rs 72,000. The
profit for the first year ater B's retirement was Rs 540.000. Give the necessary journal
entries to adjust goodwill and to distribute profits.​

Answers

Answered by GOVINDHACKAR
0

Answer:

Goodwill of the firm is valued at 1.5

years purchase of super profits based on average profits of Goodwill of the firm is valued at 1.5

years purchase of super profits based on average profits of the last three years which were

Rs 2,00,000, Rs 2.40,000 and Rs 3,10.000 respectively. The normal profits for the similar

firm are Rs 1,70,000. GoodGoodwill of the firm is valued at 1.5

years purchase of super profits based on average profits of the last three years which were

Rs 2,00,000, Rs 2.40,000 and Rs 3,10.000 respectively. The normal profits for the similar

firm are Rs 1,70,000. Goodwill already appears in the books of the fim at Rs 72,000. The

profit for the first year ater B's retirement was Rs 540.000. Give the necessary journal

entries to adjust goodwill and to distributewill already appears in the books of the fim at Rs 72,000. The

profit for the first year ater B's retirement was Rs 540.000. Give the necessary journal

entries to adjust goodwill and to

entries to adjust goodwill and to

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