Question

A and B are equal partners with fixed capitals of ₹ 90000 and 60,000

respectively. They admit C as a new partner for 1/4th share in the profit of

the firm which he acquired from A and B in the ratio of 2 : 1. C beings ₹

15,000 to acquire the right to share the profit and ₹ 50,000 to acquire the

right to share firm assets. Give Journal entries at the time of admission of

C . Also calculate new profit sharing ratio. ​

Answer 1

Answer:

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