A and B are partners in a form sharing profits in ratio 3:1 . they admit C as a partner rupees 30000 as capital for 1/4th share on profit which he acquires equally from A and B. the capital accounts of old partners are to be adjusted on the basis of proportion of C's capital to his share in business i.e actual cash to be paid off or brought in by the old partners as the case may be. prepare necessary journal entries .
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Explanation:
as you have not mentioned the previous capital of A &B I have considered their capital to be null
you can adjust it according to sum
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