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Need complete Answer i will rate ur answer Q.1 Ghulam, Matloob and Arif are equal partners with capital balances of Rs. 15,000; Rs. 25,000 and

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Q.1 Ghulam, Matloob and Arif are equal partners with capital balances of Rs. 15,000; Rs. 25,000 and Rs. 20,000 respectively. Arif retires from the partnership. The remaining partners continue the business. Required: Give entries in General Journal to record the retirement of Arif: 1) Paid Rs. 25,000 to Arif. Assume that the increase in the value of assets is to be recorded as goodwill. (show the computation of goodwill)

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