Arjun, Bhim and Nakul are partners sharing profits and losses in the ratio of 14:5:6 respec
tively. Bhim retires and surrenders 5/25 share in favour of Arjun. The goodwill of the firmie
valued at 2 years purchases of superprofits based on average profit of last three years. The
profits of the last 3 years are 50,000, 55,000 and 60,000 respectively.
The normal profit of the similar firm are ? 30,000. Goodwill already appears in the books of
the firm at * 75,000. The profit for the first year after the Bhim's retirement was ? 1,00,000
Give necessary Journal entries to adjust goodwill and distribute profit and showing your working
clearly
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