Question

K and l are partners sharing profits in the ratio of 2:1.They admit M as a partner for 1/4 profit with effect from 1.4.2011 on the condition that he should bring Rs.500000 as capital and his share of goodwill in cash . Goodwill is to be ascertained on the basis of 3 years purchase of the last 3 years were 2008-09 Rs.1000000; 2009-10 Rs.1200000; 2010-11 Rs.1500000. Compute the goodwill to be brought by M and pass necessary journal entries.​

Answer 1

Answer:

what is meaning of your question please tell me

Answer 2

Answer:

ascertaining good will on the basis of average profit