Question

EK, FK and GK are partners sharing profit in the ratio of 7:6:5. Their fixed capitals are RS.140,000; Rs. 80,000 and Rs.1,60,000 respectively. It is now decided that the total capital of the firm should be Rs. 7,20,000 and should be in the profit sharing ratio of the partners. Calculate the amount of capital to be contributed by the individual partners and record necessary journal entry for the same.​

Answer 1

Answer:

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Explanation:

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