Question

A and B are partner in a firm sharing profit in a ratio of 3:1.with capital of 60,000 and 20,000.they

admitted C as partner with 30,000 as capital for ¼ share in profit which he acquire equally from A and B

.The capital account of old partner are to be adjusted on the basis of proportion fixed capital to his share

business. Actual cash to be paid off or brought in by the old partner as the case may be. Prepare necessary

entry. ​

Answer 1

Answer:

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