Question

A and B are partners in a firm sharing profits and losses in the ratio of 3:2.C was admitted for 1/3 rd share in the profits. On the date of C’s admission, the Balance sheet of A and B Showed a General Reserve of Rs. 60,000 and a credit balance of Rs. 20,000 in the profit and Loss Account .Pass necessary Journal entrie for the treatment of these items on C’s admission.

Answer 1

Explanation:

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