Amar and Samar are partners. Their capitals are 18,000 and 15,000 respectively and they share profit & losses in the ratio of 2 : 1. On 1st April, 2018, they decided to admit Amrit in the firm. Amrit will pay to the firm 5,000 as capital and 1,500 for goodwill and his share in the profit to the firm will be 1/5. Give necessary Journal Entries to record the above transactions. Prepare Capital Accounts of partners and Balance Sheet of the firm after the admission of the new partners, if old partners take away the amont of goodwill.
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REFER THE PHOTOS UPLOADED
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