Question

X,Y and Z were partners in a firm sharing profit in the ratio 5:3:2. Goodwill appeared in there books at a value of rupees 60,000 and general reserve at rupees 20,000. Y decided to retire from the firm. on the date of his retirement Goodwill of the firm was valued at rupees 2,40,000 new profit sharing ratio decided among X and Y was 2:3. record necessary journal entries on Y's retirement. ​

Answer 1

Answer:

X,Y and Z are partners sharing profit and losses in the ratio of 5:3:2. Z retires, and on the date of his retirement, the following adjustments were agreed upon:

(a) The value of Furniture is to be increased by Rs.12,000.

(b) The value of stock to be decreased by Rs.10,000

(c) Machinery of the book value of Rs.50,000 is to be depreciated by 10%

Explanation:

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