Question

in their old profit sharing Idulu)
R Illustration 22(B). A, B, C and D were partners sharing profits in the ratio of
1:2:3: 4. D retired and his share was acquired by A and B equally. Goodwill was
valued at 3 years' purchase of average profits of last 4 years, which were 40,000.
General Reserve showed a balance of 1,30,000 and D's Capital in the Balance
Sheet was 3,00,000 at the time of D's retirement. You are required to record
necessary journal entries in the books of the firm and prepare D's capital account
on his retirement,
(C.B.S.E., Sample Paper 2016 and 2017)​

Answer 1

Hey mate,....(^_^)

HERE IS UR ANSWER... REFER TO THE ATTACHMENT GIVEN..