A and B who share the profit and losses in the ratio of 3:2 are partners with capitals ot Ks. 30,000 and 20,000. On date of C's admission, P&L account (Cr.) balande Rs. 6.000. Reserves Rs. 55,000, Advertisement expenditure (Deferred Revenue) Rs. 1.000. They admitted C as a partner with 1/5 share in the profits of the firm. C brings Rs. 40.000. Give the necessary joumal entries on C's admission with regard to capital and goodwill.
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