Neil, Nitin and Mukesh are partners sharing profits in the ratio of 3:2:1 respectively from 1" January,2010 they decided to share profit in the ratio of 1:1:1. The partnership deed provided that in the event of any change in profit sharing ratio, the goodwill should be valued at three years purchase of the average of five years profits. The profits and losses of the preceding five years are Year 2005 2006 2007 2008 2009 Profit 1,20,000 *3,00,000 3,40,000 3,80,000 1,40,000
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The answer is given in book named question bank
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