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Kabir and Farid are partners in …

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Kabir and Farid are partners in a firm sharing profits in the ratio of 3:1 on 1-4-2019 they admitted Manik into partnership for_1/4th share in the profits of the firm. Manik brought his share of goodwill premium in cash. Goodwill of the firm was valued on the basis of 2 years purchase of last three years average profits. The profits of last three years were: 2016-17 90,000 2017-18 * 1,30,000 2018-19 86,000 During the year 2018-19 there was a loss of 20,000 due to fire which was not accounted for while calculating the profit. Calculate the value of goodwill and pass the necessary journal entries for the treatment of goodwill.

Posted by Ria Oberoi 3 years, 9 months ago

CBSE > Class 12 > Accountancy

2 answers

Ria Oberoi 3 years, 9 months ago

Thank you

Shreyansh Jain 3 years, 9 months ago

Manikas share of goodwill is 51000 and firms goodwill is 204000

ANSWER

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