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Amit, amrit and akhil we're partner …

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Amit, amrit and akhil we're partner sharing profit in the ratio3. 2.1akhil retired from. the firm on 1april on which date goodwill of the firm is 120000 pass journal entry giving effect to goodwill on akhil retirement goodwill at its current value

    • Posted by Komaljit Kaur 2 years, 7 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
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    Ativ, Meha and Nupur were partners in a firm sharing profits and losses in the ratio of 5 : 3:2. On 31-03-2016 their Balance sheet was as under: Liabilities Amount (T) Assets Amount (R) | Trade Creditors 26,500 Bank 23.500 Debtors 1,00,000 Stock 50,000 Fixed Assets 40,000 Advertisement Expenditure 25,000 Employees Provident Fund Ativ's Capital Meha's Capital 30,000 55,000 1,20,000 Nupur's Capital 10,000 2,40,000 2,40,000 Ativ retired on 1-4-2016. For this purpose, the following adjustments were agreed upon: (i) Goodwill of the firm was to be valued at 2 years purchase of the average profits of 3 completed years preceding the date of retirement. The profit for previous years were: 2013-14 55,000; 2014-15 7 65,000; 2015-16 7 60,000.

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    CBSE > Class 12 > Accountancy
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    CBSE > Class 12 > Accountancy
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    CBSE > Class 12 > Accountancy
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    CBSE > Class 12 > Accountancy
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    CBSE > Class 12 > Accountancy
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    CBSE > Class 12 > Accountancy
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    CBSE > Class 12 > Accountancy
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    CBSE > Class 12 > Accountancy
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    • Posted by Mahi . 3 months, 4 weeks ago

    CBSE > Class 12 > Accountancy
    • 0 answers
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    • Posted by Palak Sharma 4 months ago

    CBSE > Class 12 > Accountancy
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