Charu and Dinesh have been sharing profits in the ratio of 3 : 1. The net profits for the past four years have been 60,000; 50,000; 90,000 and 31,20,000 respectively. It is now agreed that in future Dinesh is to have 2/5th share in profits and for that purpose goodwill is to be valued on the basis of 2- year's purchase of average profits of the past four years. Give journal entry for the treatment of goodwill.
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Answer: 30,000
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