(All partners sacrifice) : A and B partners sharing profits and losses in the ratio of 3:2. They admit C into partnership for 1/4 share in profits. C’s brings $ 3,00,000 as capital and $ 1,00,000 as goodwill. New profit sharing ratio of the partners shall be 3:3:2. Pass necessary Journal entries.
(All partners sacrifice) : A and B partners sharing profits and losses in the ratio of 3:2. They admit C into partnership for 1/4 share in profits. C’s brings $ 3,00,000 as capital and $ 1,00,000 as goodwill. New profit sharing ratio of the partners shall be 3:3:2. Pass necessary Journal entries.
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1EB: The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits...
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(All partners sacrifice) : A and B partners sharing
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