A and B are partners sharing …
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A and B are partners sharing profit and losses in the ratio of 7: 5 . They admit C, their manager, into partnership who is to be get 1/6th share in the business . C bring in Rs. 10,000 for his capital and Rs. 3,600 for the 1/6th share of goodwill which he acquires 1/24th from A and 1/8 from B . Profit for the year of the new partnership was Rs. 24,000. Pass necessary journal entries for C's admission and apportion the profit between the partners.
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Alisha Wadhwa 4 years, 10 months ago
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