Question

eath of a Partner
Adjustment Journal Entries for Goodwill and Revaluation of Asset
1. Sita, Reeta and Geeta are partners in a firm sharing profits and losses in the ratio of 4 :3 : 1. As
per terms of Partnership Deed on the death of a partner, goodwill was to be valued at 50% of the
net profit credited to that Partner's Capital Account during the 3 completed years before her
death. Sita died on 28th February 2019. The profits for the last 5 years were 2014
– 60,000
2015–97,000; 2016– 1,05,000; 2017–30,000 and 2018–84,000.
On the date of Sita's death, building was found under-valued by 3 80,000 which was to b
considered. Calculate the amount of Sita's share of goodwill in the firm and record th
adjustment Journal entries of goodwill and revaluation of building. The profit-sharing rati
between Reeta and Geeta will be equal.
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Answer 1

Answer:

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