Question

3. A and B are partners sharing profits and losses in the ratio of 7 : 5. They admit C, their Manager, into
partnership who is to get 1/6th share in the business. C brings in 10,000 for his capital and 3,600 for
the 1/6th share of goodwill which he acquires 1/24th from A and 1/8th from B. Profit for the first year
of the new partnership was * 24,000. Pass necessáry Journal entries for C's admission and apportion the
profit between the partners.​

Answer 1

Answer:

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