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A, B and C are partners in a firm sharing profits in the ratio of 5 : 3 : 2. B retires and the goodwill of the firm is

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A, B and C are partners in a firm sharing profits in the ratio of 5 : 3 : 2. B retires and the goodwill of the firm is valued at Rs 21,000. Pass necessary journal entries for treatment of goodwill.

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Gain Ratio = New Ratio – Old Ratio

(Being retiring partner’s share of goodwill adjusted to remaining partner’s in their gaining ratio.)

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