A, B and C are partners sharing profits and losses in the ratio of 2:2:1 m 1st April, 2019 they decided to share future profits and losses equallyFollowing balances appeared in their books:Profil and Loss A/c (Cr.)20,000Advertisement Suspense A/c (Dr.)15,000Workmen Compensation Reserve60,000I was agreed that:(1) Goodwill should be valued at two year's purchase of super profits. Firm'saverage profits. Firm's average profits are 75,000. Capital invested in thebusiness is 6,00,000 and normal rate of return is 10%(ID) Furniture (book value of 50,000) be reduced to 30,000(in) Computers (book value of 40,000) be reduced by 10,000(hy Claim on account of Workmen's Compensation amounted to 50.000(v) Investments (book value of 30,000) were revalued at 25,000Pass necessary journal entries for the above.Adintment for ſind will . Dr. Cby *4.000 and Cr. A and B by 2.000 euch

A, B and C are partners sharing profits and losses in the ratio of 2:2

1.	A, B and C are partners sharing profits and losses in the ratio of 2:2:1 m 1st April, 2019 they decided to share future profits and losses equallyFollowing balances appeared in their books:Profil and Loss A/c (Cr.)20,000Advertisement Suspense A/c (Dr.)15,000Workmen Compensation Reserve60,000I was agreed that:(1) Goodwill should be valued at two year's purchase of super profits. Firm'saverage profits. Firm's average profits are 75,000. Capital invested in thebusiness is 6,00,000 and normal rate of return is 10%(ID) Furniture (book value of 50,000) be reduced to 30,000(in) Computers (book value of 40,000) be reduced by 10,000(hy Claim on account of Workmen's Compensation amounted to 50.000(v) Investments (book value of 30,000) were revalued at 25,000Pass necessary journal entries for the above.Adintment for ſind will . Dr. Cby *4.000 and Cr. A and B by 2.000 euch
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