E and F were parteners in a firm sharing profits in the ratio of 3:1. They admitted G as a new partener on 1st april, 2020 for 1/3 share. It was decided that E,F, and G will share future profits equally. G brought ₹50000 in cash and machinery valued at ₹70000 as premium for goodwill.
pass necessary journal entries in the books of the firm.
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