L and M were partners in a firm sharing profit in 4:3 ratio. They admitted o as new partner. The new profit sharing ratio of L,M and o will be 3:3:4.O brought 200000 for his capital. The goodwill of the firm on o's addmision was valued at 70000. O brough his share of goodwill in cash. calculate sacrificing ratio of L and M and pass necessary journal entries
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