P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided in the Partnership Deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profit credited to his account during the last four completed years. R died on 1st January, 2018. The firm’s profits for the last four years ended 31st December, were as: 2014 – ₹ 1,20,000; 2015 – ₹ 80,000; 2016 – ₹ 40,000; 2017 – ₹ 80,000. (a) Determine the amount that should be credited to R in respect of his share of Goodwill. (b) Pass journal entry without raising Goodwill Account for its adjustment.

P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respect

1.	P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided in the Partnership Deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profit credited to his account during the last four completed years. R died on 1st January, 2018. The firm’s profits for the last four years ended 31st December, were as: 2014 – ₹ 1,20,000; 2015 – ₹ 80,000; 2016 – ₹ 40,000; 2017 – ₹ 80,000. (a) Determine the amount that should be credited to R in respect of his share of Goodwill. (b) Pass journal entry without raising Goodwill Account for its adjustment.
Answer» TE YOUR ANSWER IS(a) Determine the AMOUNT that should be credited to R in respect of his share of Goodwill.(b) Pass JOURNAL entry without raising Goodwill Account for its adjustment.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️FOLLOW ME

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