Question

Kabir and Farid are partners in a firm sharing profits in the ratio of 3:1
on 1-4-2019 they admitted Manik into partnership for_1/4th share in the
profits of the firm. Manik brought his share of goodwill premium in cash.
Goodwill of the firm was valued on the basis of 2 years purchase of last
three years average profits. The profits of last three years were:
2016-17
90,000
2017-18
* 1,30,000
2018-19
86,000
During the year 2018-19 there was a loss of 20,000 due to fire which was
not accounted for while calculating the profit.
Calculate the value of goodwill and pass the necessary journal entries for
the treatment of goodwill.
​

Answer 1

Answer:

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