Mamta and Seema are partners in a firm with capitals of ₹5,00,000 each who share profits & Losses in the
ratio 3 : 2. They admit Rakhee, a physically challenged engineer as a partner with 1/4th share in the profits
of the firm. Rakhee brings ₹8,00,000 as her share of capital. The Profit and Loss Account shows a credit
balance of ₹4,00,000 as on the date of admission.
Give necessary journal entries to record goodwill on Rakhee’s admission.
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