Question

51. Y and Z are in partnership sharing profits and losses in the ratio of 3 : 1. They admit P
for 1/3rd share of the profit. P brings 14,000 in cash for his share of goodwill. As between
themselves, Y and Z agree to share future profits and losses equally. The amount of goodwill
brought in cash is withdrawn by the concerned partners to the extent of 40% of what is credited
to them. Draft Journal entries showing the appropriation of the premium money. ​

Answer 1

Answer:

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