Question

Arjun, Bhim and Nakul are partners sharing profits and losses in the ratio of 14:5: 6. Bhim
retires and surrenders his 5/25th share in favour of Arjun. The goodwill of the firm is valued at 2
years' purchase of super profits based on average profits of last 3 years. The profits for the last 3
years are 50,000, 55,000 and 7 60,000 respectively. The normal profits for the similar firm are
*30,000. Goodwill already appears in the books of the firm at 375,000. The profit for the first year
after Bhim's retirement was 1,00,000. Give the necessary Journal entries to adjust goodwill and
distribution of profits showing your workings.
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Answer 1

Explanation:

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