Question

G and H are partners sharing profits and losses in the ratio of 3 : 2.
They decided to admit H as a new partner
and to share future profits and losses equally. D brings in 50,000 as his capital Goodwill of the firm is valued
at 60,000. Pass necessary journal entries :
(1) When no goodwill appears in books.
(2) When goodwill appears at 350,000 in books.
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Answer 1

Answer:

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