3. A and B are partners sharing profits and losses in the ratio of 3:2. They admit C into the firm for 1/4th
share in profits which he takes 1/6th from A and 1/2th from B. C brings in only 60% of his share of firms
goodwill. Goodwill of the firm has been valued at 1,00,000. Pass necessary journal entries to record this
arrangement.
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Explanation:
The ratio of sharing of the losses and profit are be written as:
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