(0) A and B are partners sharing profits and losses in the ratio of 4:3. They
admit "C" into partnership to th share who pays Rs. 3,500 in cash for
goodwill. A and B decide to share future profits equally among themselves. No
good will appears in the books. Give necessary joumal entries to record the
goodwill.
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cash a/c dr 3500
to Premium for Goodwill 3500
Premium for Goodwill dr. 3500
to a's capital. 3000
to b's capital. 500
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