A, B and C are partners sharing profits and losses in the ratio of 6:3:1 their capital are A 500000,B 400000, C 200000they admit D into partnership and the new profit sharing ratio is agreed at 3:3:3:1D brings 1,50,000 as his capital and his share of goodwill in cash. At the in(a) The firm had a Workmen Compensation Reserve of 1,00,000 againstthere was a claim of 1,20,000.(b) Advertisement Suspense A/c (Dr.) balance appeared in their30,000.(c) Contingency Reserve appeared at 60,000.You are required to prepare necessary journal entries.
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