Kanu , Manu and Akansha are partners sharing profits as 20%,30% and 50%. Kanu decided to retire with the consent of other partners and sold her share to Manu. Goodwill was valued at two and a half years purchase of the average profits of three year Profits of these three years were 50,000, 70,000 and 60,000. Reserve fund stood in the balance sheet at 30,000 at the time of her retirement . You are required to record necessary journal entries to record above adjustments on Kanu’s retirement .?

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