ADVANCED ACCOUNTING
ADVANCED ACCOUNTING
12th Edition
ISBN: 9780357671221
Author: FISCHER
Publisher: CENGAGE L
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Chapter 14, Problem 14.2.8P
To determine

Concept Introduction:

Liquidation of partnership refers to the shutting of the firm, i.e., putting end to the partnership business. This can be due to the death of any partner or on the closure of the business or any other reason. Sometimes, the liquidation takes place for initializing new business entity with new partners.

The value of goodwill after the contribution made by the new partner D for the acquisition of 30% interest in capital and 25% interest in profits of the partnership assuming the assets are understated by $25,000 .

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