ILLUSTRATION 21.
S, T and U were partners in a firm sharing profits in the ratio of 1: 2: 2. On
15-2-2018 S died and the new profit sharing ratio of T and U was 3 : 2. On S's death
the goodwill of the firm was valued at $6,00,000.
Calculate the gaining ratio and pass necessary journal entry on S’s death for the
treatment of goodwill.
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