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Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of...

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Accounting

Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of 4:3:2. Mr. Azeem retires, and his share is taken up by Mr. Hashim and Mr. Shameel in the ratio of 3:2. Goodwill of the firm is valued on that date at OMR 30,000.

1.Calculate the new profit-sharing ratio of Mr. Hashim and Mr. Shakeel.

2.If a goodwill of OMR 12,000 already appears in the books, at the time retirement of Mr. Aseem, the journal entry recorded will be:

3. Pass the journal entry in the books to write off existing amount of goodwill

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