Question

UIT
III Gasil
V. 20. L, M and N are partners sharing profits in the ratio of 3 : 2 : 1. They admit
O into partnership. O brings in cash 4,50,000 as capital and 31,50,000 as goodwill
for 1/5th share of profits. Pass journal entries and find out new profit sharing ratios
when: (a) Goodwill is retained in the firm; (b) goodwill is withdrawn by old partners.​

Answer 1

Answer:

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