Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f . 1st April, 2018. The extract of their Balance Sheet as at 31st March, 2018 is as follows: Pass the journal entries in each of the following situations: (i) When its Market Value is not given; (ii) When its Market Value is given as ₹ 4,00,000; (iii) When its Market Value is given as ₹ 4,24,000; (iv) When its Market Value is given as ₹ 3,70,000; (v) When its Market Value is given as ₹ 3,10,000.

Nitin, Tarun and Amar are partners sharing profits equally and decide

1.	Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f . 1st April, 2018. The extract of their Balance Sheet as at 31st March, 2018 is as follows: Pass the journal entries in each of the following situations: (i) When its Market Value is not given; (ii) When its Market Value is given as ₹ 4,00,000; (iii) When its Market Value is given as ₹ 4,24,000; (iv) When its Market Value is given as ₹ 3,70,000; (v) When its Market Value is given as ₹ 3,10,000.
Answer» v) Out of SUNDRY Creditors, ₹ 10,000 is not payable.(vi) Goodwill is to be valued at 2 years PURCHASE of last 3 years PROFITS. Profits being for2016-17 – ₹ 50,000 (Loss);2015-16 – ₹2,50,000 and2014-15 – ₹ 2,50,000.(vii) C was to CARRY out the WORK for reconstituting theHOPE THIS HELPS ❤️PLEASEMARK AS BRAINLIEST ❤️❤️

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