P, R and S are partners sharing profit and losses in the ratio 4:3:1 respectively. It is provided in the partnership deed that on the death of any partner, her share of goodwill was to be valued at half of the profit credited to her account during the four completed years.
R died on 1 April 2012.The firm profit/losses for the last four
years ended 31 March 2009-120000
Determine the amount that should be credited in respect to R of her share of goodwill.The new profit sharing ratio between p s in future will be 3:2