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CBSE Class XII Accountancy Exam 2018 Question Paper

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Question : 1
Total: 23
Neetu, Meetu and Teetu were partners in a firm. On 1stJanuary, 2018, Meetu retired. On Meetu's retirement the goodwill of the firm was valued at ₹4,20,000.
Pass necessary journal entry for the treatment of goodwill on Meetu's retirement.
Solution:  
Share of Chaman=
1
6

Share acquired from Amit=
2
5
×
1
6
=
2
30

Share acquired from Beena = Share of Chaman Acquired from Amit
=
1
6
−
2
20
=
3
30
=
1
10
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