Suresh, Ramesh and Tushar were partners of a firm sharing profits in the ratio of 6:5:4. Ramesh retired and his capital after making adjustments on account of reserves, revaluation of assets and reassessment of liabilities stood at 2,50,400. Suresh and Tushar agreed to pay him 2,90,000 in full settlement of his claim. 

Pass necessary journal entry for the treatment of goodwill. Show workings clearly.

Marks-2, CBSE:2021-22/Term-2/Sample/Q-3

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