Q. 95 DK Goel Retirement of Partner Solutions Class 12 CBSE (2024-25)

Here are the solutions of Question number 95 Retirement of Partner chapter 5 of DK Goel Class 12 CBSE (2024-25)

L, M and O were partners in a firm sharing profits in 1 : 3 : 2 ratio. L retired and the new profit sharing ratio between M and O was 1 : 2. On L’s retirement the goodwill of the firm was valued at ₹ 1,20,000. Pass necessary journal entry for the treatment of goodwill on L’s retirement.

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