Question

* 12,000 as capital and * 5,000 as premium for goodwill for 1/5th share in
the profit. The amount was retained in the business.
Record necessary journal entries in the books of firm on C's admission and
show necessary ledger accounts.
2. A and B are partners in a firm sharing profits in the ratio of 3:2. On
9-4-2020, their capitals were 20,000 and 15,000 respectively. On that
date they admit C as a new partner for 1/5th share in the profit. C brought​

Answer 1

Explanation:

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