Give me answer within 45 min please I will give you upvote immediately its very urgent ...thankyou.. (Hidden Goodwill) joseph, Marco and Davidwere partners sharing profits in the ratio of2:2: 1. Marcoretires on 1.1.2013. After all necessaryadjustments (except goodwill) his capitalwas worked out to $5,00,000. However, his account was settledby paying off $ 5,60,000. Pass journal entryof the treatmentof goodwill.

1. Total Amount Paid to Macro on retirement = $ 560,000 Capital after all adjustments except…

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Business

Accounting

(Hidden Goodwill) joseph, Marco and David were partners sharing profits in the ratio of 2:2: 1. Marco

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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