[4,B" and C mo partnor in "43:3" ratio C retires form the firm His capital "],[" was Rs "80000" and his share in reserves and profit from revaluation was "],[" Rs "40,000" .However the continuing partners agreed to pay Rs "155000],[" on retirement Record the necessary entry for goodwill "]

Abhay and Beena are partners in a firm. They Chetan as a partner with 1/4th share in the profits of the firm. Chetan brings RS. 2,00,000 as his share of capital. Value of the total assets of the firm is RS. 5,40,000 and outside liabilites are valued at RS. 1,00,000 on that date. Give necessary entry to record goodwill at the time of Chetan's admission. Also show your working notes.

Following is the Balance Sheet of Jain, Gupta and Malik as on March 31, 2016. The partners have been sharing profits in the ratio of 5:3:2. Malik decides to retire from business on April 1, 2016 and his share in the business is to be calculated as per the following terms of revaluation of assets and liabilities : Stock, Rs.20,000, Office furniture, Rs.14,250, Plant and Machinery Rs.23,530, Land and Building Rs.20,000. A provision of Rs.1,700 to be created for doubtful debts. The goodwill of the firm is valued at Rs.9,000. The continuing partners agreed to pay Rs.16,500 as cash on retirement of Malik, to be contributed by continuing partners in the ratio of 3:2. The balance in the capital account of Malik will be treated as loan. Prepare Revaluation account, capital accounts, and Balance Sheet of the reconstituted firm.

Deepa, Neeru and Shilpa were partners in a firm sharing profits in the ratio of 5 : 3 : 2 . Neeru retired and the new profit sharing ratio between Deepa and Shilpa was 2 : 3 . On Neeru's tetirement, the goodwill of the firm was valued at Rs. 1,20,000. Record necessary journal entry for the treatment of goodwill on Neeru's retirement.