Ajay, Vijay, Sanjay and Dhananjay are partners in a firm sharing profits and losses in the ratio of 2 : 2: 1 : 1. Vijay decided to retire from the firm. The Goodwill of the firm was valued at 12,00,000. 

Pass necessary journal entry for the treatment of Goodwill on Vijay’s retirement without opening goodwill account. 

Marks-2, CBSE:2021-22/Term-2/Zone-1/Set-1/Q-3

Answer :


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