1.

P, Q and R are equal partners in a firm. R retires and the goodwill of the firm is valued at Rs 3,60,000. No goodwill account appears as yet in the books of the firm. P and Q agree to share future profits in the ratio of 3:2. Pass necessary journal entry for goodwill.

Answer»

P, Q and R are equal partners in a firm. R retires and the goodwill of the firm is valued at Rs 3,60,000. No goodwill account appears as yet in the books of the firm. P and Q agree to share future profits in the ratio of 3:2. Pass necessary journal entry for goodwill.



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