For which share of goodwill a partner is entitled at the time of his retirement? Post category:Accountancy Reading time:1 mins read SOLUTION Retiring partner is entitled to goodwill according to his share of profit in the firm. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhat treatment is made of accumulated profits and losses on the retirement of partner? Next PostHow goodwill is recorded on the retirement or death of a partner? You Might Also Like On dissolution of a firm, what entry is passed on making payment of realization expenses by a partner? September 27, 2022 X, Y and Z were partners in a firm sharing profit in 3: 2: 1. The firm closes its books on 31st March every year. Y died on 30th June, 2021. On Y’s death goodwill of the firm was valued at Rs. 60,000. Y’s share in the profit of the firm till the date of his death was to be calculated on the basis of previous year’s profit which was Rs. 1,50,000. Pass necessary Journal entries for goodwill and Y’s share of profit at the time of his death. August 5, 2022 From the following information, calculate Cash Flow from Financing Activities: August 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
On dissolution of a firm, what entry is passed on making payment of realization expenses by a partner? September 27, 2022
X, Y and Z were partners in a firm sharing profit in 3: 2: 1. The firm closes its books on 31st March every year. Y died on 30th June, 2021. On Y’s death goodwill of the firm was valued at Rs. 60,000. Y’s share in the profit of the firm till the date of his death was to be calculated on the basis of previous year’s profit which was Rs. 1,50,000. Pass necessary Journal entries for goodwill and Y’s share of profit at the time of his death. August 5, 2022