Question

VK and SP are partners sharing profits in the ratio of 2:1. They admitted JK into the partnership. New profit sharing ratio is agreed as 2:2:1. JK brings 780,000 as capital and 712,000 as premium out of his total premium share 2000040 % of the premium was withdrawn by the sacrificing partner. Goodwill was appearing in the old balance sheet 6,000. Give necessary entries​

Answer 1

Answer:

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