Question

illustration 3 A, B and C were partners. Their partnership deed provided that they were to share profits tha
A 26 per cent; B 34 per cent; C 40 per cent; and that if a partner died, his capital should remain in the business
a stated period at a fixed rate of interest, but that the deceased partner's share should be credited with an amount
for Goodwill, based upon one and a half year's average profits, for the five years prior to his death, but be subject
to a deduction of 5 per cent from the book debts. C died, and the profits of the firm for the five years were agreed at
*1,600, 2,800, 2,400, 3,600 and 2,000 respectively and the books debts at * 12,000. C's Capital A/c stood at
* 18,000 on the date of death.
Prepare a statement showing the amount of Goodwill to be credited to C's Account and give the Jourr
entries in the firm's books necessary to carry out the transactions. Prepare C's Capital A/c.
Solution. Statement showing the amount of goodwill credited to C​

Answer 1

Answer:

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