Aand B partners in a firm, sharing profits of the firm is admitted for 1/4th share in profits of the film
calculate New Profit Sharing Ratio & Sacrificing ratio.
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A and B were partners in a firm sharing profits and losses in the ratio of 3:2. They admitted C as a new partner for 3/7
th
share in the profit and new profit sharing ratio will be 2:2:3. C brought Rs.2,00,000 as his capital and Rs.1,50,000 as premium for goodwill. Half of their share of premium was withdrawn by A and B from the firm. Calculate sacrificing ratio and pass necessary Journal entries for the above transaction in the books of the firm.
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