Q.7 Solution Death of a Partner TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 7, Chapter 6 Death of a Partner, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 7
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 April, 2024. The firm’s profits for the last four years ended 31st March, were as:
2021—₹ 1,20,000; 2022—₹ 80,000; 2023—₹ 40,000; 2024—₹ 80,000.
- (a) Determine the amount that should be credited to R in respect of his share of Goodwill.
- (b) Pass Journal entry for adjustment of Goodwill.
Solution
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About this solution
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