Vinod and Ram are partners respectively sharing profits in the ratio of 7:3. Their capitals
on 1st January 2014 were Rs.1,60,000 and Rs.1,20,000 respectively. They admitted
Kumar into the partnership on that date giving him a 1/5th share in the future profits.,
which he acquired equally from Vinod and Ram. Kumar is to bring in Rs.1,00,000 as his
share of capital. Find the new profit sharing ratio, value of goodwill and give entries.
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