Q#7 Partnership Retirement ---------------------------------------- The following balance sheet of a partnership firm of Ali, Asad, and Nida Sharing profit and loss equally Cash Rs.80,000; merchandise inventory Rs.40,000; Fixed assets Rs. 100,000; Capital Ali Rs.50,000; Capital Asad Rs. 100,000 and Capital Nida Rs.70,000 January 1 Mr. Ali decided to retire from the firm and is paid Rs.60,000 due to goodwill. Required: Give entries in general journal to record retirement of Mr. Ali

FINANCIAL ACCOUNTING
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Q#7 Partnership Retirement ----------------------------------------
The following balance sheet of a partnership firm of Ali, Asad, and Nida Sharing profit and loss equally
Cash Rs.80,000; merchandise inventory Rs.40,000; Fixed assets Rs. 100,000; Capital Ali Rs.50,000; Capital Asad Rs. 100,000 and Capital Nida Rs.70,000
January 1 Mr. Ali decided to retire from the firm and is paid Rs.60,000 due to goodwill.
Required: Give entries in general journal to record retirement of Mr. Ali

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