Practicing Success
P, Q and R were partners sharing profits in the ratio 5 : 3 : 2 respectively. P retires from the firm and Q and R decide to share future profits equally. Goodwill is valued at Rs50,000. Adjustment entry for goodwill will be : |
Q's Capital A/c Dr. 15,000 Q's Capital A/c Dr. 20,000 Q's Capital A/c Dr. 12,500 None of the Above |
None of the Above |
Gain of Q= 1/2-3/10=2/10 |