X and Y are partners in a firm sharing profits and losses in the ratio of 3: 1. They admit Z as partner for 1/5th dure of future profits of the firm. Z introduces 40,000, out of which 20,000 is towards goodwill of the firm. You are asked to Journalise the above transactions in the books of the firm.
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cash A/C...... Dr. 40,000
to Z's capital A/C.... 20,000
to premium for goodwill 20,000
premium for goodwill 20,000
to X's capital A/C... 15,000
to Y's capital A/C... 5,000
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