Amar Bhuwan and Chaman were partners sharing profits and losses in the ratio of 3:2:1. Bhuwan died on 30th June,2020. Loss from the beginning of the accounting year till the date of death was estimated at 180000. Amar and Chaman decided to share future profits in the ratio of 3:2 w.e.f 1st April, 2020.
Pass the necessary journal entry to record Bhuwan's share of profit /loss up to the date of death and also show working note.
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Answer:
(i) Calculation of goodwill of the firm:
Total capital of the firm after admission= 50000+75000+75000
= 200000
Total capital of the firm based on Atul's capital= 75000 * 4/1
= 300000
Explanation:
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