Madan and gopal are partners sharing profits in 3:2 . They admit sooraj for 1/3 share of profit on 1 april . They also decide to share future profit equally . Goodwill of the firm was valued at 55000 . Goodwill existed in the books of account at 100000 which the partner decide carry forward.
Soraj is unable to bring his share of goodwill.pass the necessary journal entries on admission of sooraj if
(a) Goodwill is not to be raised and written off;
(b) Goodwill is to be raised and written off
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madan Gopala departments and then the profit of an angle of 135
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