Mr. J, Mr. K, Mr. E and Mr. S are partners in a firm sharing profits and losses in the ratio of 2: 1: 2: 1. On Mr. J's retirement, the goodwill of the firm is valued at OMR. 36,000. Mr. K, Mr. E and Mr. S decided to share future profits equally. Calculate the gaining ratio of Mr. K ,Mr. E and Mrг. S.

Mr. J, Mr. K, Mr. E and Mr. S are partners in a firm sharing profits and losses in the ratio of 2: 1: 2: 1. On Mr. J's retirement, the goodwill of the firm is valued at OMR. 36,000. Mr. K, Mr. E and Mr. S decided to share future profits equally. Calculate the gaining ratio of Mr. K ,Mr. E and Mrг. S.

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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