Accrued Income- Partnership Adjustments Part 4
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cma foundation
T S Grewal Solutions
Know about book T S Grewal books are very famous among accountancy students. It is one of the best books on accountancy in the country. It is very clear and easy to follow. It explain complex concepts into small – small understandable pieces. It has a good number of solved and unsolved problems for practice.
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Goodwill Accounting on retirement of a partner
The retiring partner is entitled to his share in firms Goodwill as he has also put in efforts in the formation of firm’s Goodwill. The retiring partner is paid back his share in the assets of the firm. Goodwill is also an asset for the firm. So retiring partner is paid his share from Goodwill
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Gaining Ratio and Sacrificing Ratio – Difference
Description Gaining Ratio Sacrificing Ratio Formula for calculation New profit Sharing Ratio Less Old Profit Sharing ratio Old profit sharing Ratio Less New profit Sharing Ratio When calculated a) Retirement of a Partner b) Change in profit sharing ratio among existing partners a) Admission of a partner b) Change in profit sharing ratio among existing
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