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Sunil and David decided to share future profits and losses in the ratio of 5:3.4. P, Q, R and S were partners in a firm sharing profits in the ratio of 5:3:1:1. On 1st January, 2020, S retiredfrom the firm. On S's retirement, goodwill of the firm was valued at * 4,20,000. New profit sharing ratioamong P, Q and R will be 4:3 :3.Showing your working notes clearly,pass necessary journal entry for the tertment of Goodwill in the books of the firm on S retirement ​

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