Question
Q66 (Treatment of goodwill) P, Q, R & S are partners sharing profits & losses in the ratio 4:3:2:1. R retires from the business. The
Q66
(Treatment of goodwill) P, Q, R & S are partners sharing profits & losses in the ratio 4:3:2:1. R retires from the business. The new profit sharing ratio between P, Q and S is 3: 1:
1. On R's retirement, the
goodwill of the firm was valued at $ 30,000. Pass the necessary journal
entries for treatment of goodwill.
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
