ILLUSTRATION 27:A, B and C are partners sharing profits and losses in the ratio of 3 : 2:1. On 1st January 2015, they decided to share profits and losses equally in future profits. The Goodwill of the firm is valued at $ 60,000. Give necessary journal entry

ILLUSTRATION 27:A, B and C are partners sharing profits and losses in the ratio of 3 : 2:1. On 1st January 2015, they decided to share profits and losses equally in future profits. The Goodwill of the firm is valued at $ 60,000. Give necessary journal entry

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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