17
Arun, Karun and Varun were partners in a firm sharing profits in the ratio of 5:32.
Purchased goodwill appearing in their books at 290,000. Karun retired on 31" March
2023 from the firm. On the date of his retirement, the firm's self-generated goodwill
was valued at 22,40,000. The new profit-sharing ratio between Arun and Varun was
2:3. Pass necessary journal entries for Goodwill on Karun's retirement.
