Question

A and B are partners sharing profits in the ratio of 7: 8. C was admitted in the firm for 1/6th share who paid
1,80,000 as capital and 45,000 as premium in cash. At the time of admission, General Reserve amounting to
45,000 and Profit and Loss Account amounting to 24,000 appeared on the liabilities side of the Balance Sheet.
Show necessary Journal entries to record the above transaction.​

Answer 1

Explanation:

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