A and B are in partnership sharing profit and losses in the ratio of 5 : 3. C is admitted as a
Channel: Doubtnut
Date: 29/03/2020

A and B are in partnership sharing profit and losses in the ratio of 5 : 3. C is admitted as a partner who pays RS.40,000 as capital and the necessary amount of goodwill which is valued at RS.60,000 for the firm. His share of profits will be 1/5th which he takes 1/10th from A and 1/10th from B. Give Journal entries and also calculate future profit-sharing ratio of the partners.