When Only Part of Premium for Goodwill is brought by New Partner in Cash
7. A and B are partners sharing profits in the ratio of 2:1. They admit C for 1/4th share in profits. C brings in
730,000 for his capital and 8,000 out of his share of * 10,000 for goodwill. Before admission, goodwill
existed in the books at * 18,000. Pass Journal entries to give effect to the above arrangement
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