Gaurav and Neeraj are partners in a firm. Gopal was admitted in firm for 1/5th share. Gopal brought
Stock Rs. 4,000, Building Rs. 10,000, Debtors Rs. 6,000 and Creditors Rs. 12,000. On the date of
admission, General Reserve of Rs. 8,000 was shown in the books of account. Gopal will bring his share
of goodwill Rs. 2,000 in cash, his capital was determined Rs. 17,000 and rest amount will be brought in
cash.
Give necessary journal entries at the time of admission of Gopal.
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