Kamal, vimal and mukhil are partners sharing in the ratio 1:2:3. Mukhil retires and his capital, after making adjustments for reserves and profit on revaluation, stands at 88,000. Kamal and vimal agreed to pay him 1,00,000 in full settlement of his claim. Give journal entries for goodwill if the new profit sharing ratio is decided at 1:3
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Kamal, vimal and mukhil are partners sharing in the ratio 1:2:3. Mukhil retires and his capital, after making adjustments for reserves and profit on revaluation, stands at 88,000. Kamal and vimal agreed to pay him 1,00,000 in full settlement of his claim. Give journal entries for goodwill if the new profit sharing ratio is decided at 1:3Kamal, vimal and mukhil are partners sharing in the ratio 1:2:3. Mukhil retires and his capital, after making adjustments for reserves and profit on revaluation, stands at 88,000. Kamal and vimal agreed to pay him 1,00,000 in full settlement of his claim. Give journal entries for goodwill if the new profit sharing ratio is decided at 1:3Kamal, vimal and mukhil are partners sharing in the ratio 1:2:3. Mukhil retires and his capital, after making adjustments for reserves and profit on revaluation, stands at 88,000. Kamal and vimal agreed to pay him 1,00,000 in full settlement of his claim. Give journal entries for goodwill if the new profit sharing ratio is decided at 1:3
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