tea and milk are partners in a firm sharing profits in the ratio of 3:2. they are admit sugar into partnership, sugar paying a premium of $1,000 for 1/4th share of profits. tea, milk and sugar decided to share the future profits in the ratio of 3:3:2. give journal entries to record the above arrangement in the books of firm.
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cash a/c dr 1000
to tea 900
milk 100
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