Q15. Louis and Jack are partners in a firm sharing profits in the ratio of 3: 2. They admitted Billy as a new partner for 2/9th share in the profits. Billy brought 340,000 for his capital. His share of goodwill was 38,000 but he could bring only 35.000.Record necessary journal entries in the books of the firm.
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Answer:
2,02,500 and 1,34,500
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