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Q66 (Treatment of goodwill) P, Q, R & S are partners sharing profits &...

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Accounting

Q66

(Treatment of goodwill) P, Q, R & S are partners sharing profits & losses in the ratio 4:3:2:1. R retires from the business. The new profit sharing ratio between P, Q and S is 3: 1:

1. On R's retirement, the

goodwill of the firm was valued at $ 30,000. Pass the necessary journal

entries for treatment of goodwill.

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