X and Y are partners in a firm sharing profits in the ratio 3:2. They deal in sports items. Z, a national gold medal winner in football is admitted as a partner for 1/5th share which he took from X and Y in the ratio 2:1. The goodwill of the firm was valued at 45,000. Z brought his share of goodwill in cash and brought 10,000 in cash and plant costing 50,000 towards his capital.
Good will amounting to 15,000 appeared in the books. X and Y further decided to withdraw 50% share of their goodwill in cash.
Pass necessary journal entries assuming the partners have fixed capitals.
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Where did the manuscripts keep safe
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Where did the manuscripts keep safe
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