B and C are partners sharing profits and losses as 3:1 . they admit D as partner in the film , D pays premium of rs.15000 for 1/3rd share of profits. as between themselves , B and C agree to share future profits and losses equally .Draft journal entries showing appropriations of the premium money.
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bank a/c dr. 15000
To premium for goodwill a/c 15000
premium for goodwill a/c. 1500
To B capital a/c. 11250
To C capital a/c. 3750
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