Q24 (Treatment of goodwill) X, Y and Z were three partners sharing profits in the...
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Accounting
Q24 (Treatment of goodwill) X, Y and Z were three partners sharing profits in the ratio of 2: 2: 1. Y retires and goodwill of the firm is valued at $ 5,000. No goodwill appears as such in
the books of the firm. X & Z decide to share profits in the ratio of 3:2
and that no goodwill account will be
raised in the books of the firm. Pass journal entries.
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