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Aparna, Manisha and Sonia are partners sharing profits in the ratio of 3 : 2 : 1. Manisha retires and goodwill of the firm is valued at ₹ 1,80,000. Aparna and Sonia decided to share future profits in the ratio of 3 : 2. Pass necessary journal entries. |
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Answer» A partnership is an arrangement where parties, known as BUSINESS PARTNERS, agree to cooperate to advance their MUTUAL interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or COMBINATIONS |
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