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Q.2 Amjad, Nasir and Ali were partners sharing profits in the ratio of 4:3:1. Partnership deed provides that on the death of any partner his share of goodwill is be valued at twice the net profits credited to his account during the previous 5 years. Books are closed on December 31, every year. Nasir died on January 2020. Firm;s profit for the previous five years were as follows: 2014 Rs. 12,000 2015 Rs. 14,000 2016 Rs. 6000 (loss) 2017 Rs. 20,000 2018 Rs. 24,000 Calculate the amount to be credited to Nasir on account of goodwill. (05) Pass the necessary journal entry without raising goodwill account. Future profit sharing ratio of Amjad and Ali is 3:2. (05)