Deepa, Neeru and Shilpa were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Neeru retired and the new profit-sharing ratio between Deepa and Shilpa was 2 : 3. On Neeru’s retirement, goodwill of the firm was valued at ₹ 1,20,000.

Record the necessary Journal entry for the treatment of goodwill.

Anurag Pathak Changed status to publish March 3, 2024
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