A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C into partnersh
Channel: Doubtnut
Date: 29/03/2020

A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C brings RS 18,000 as goodwill out of his share of RS 30,000. Pass necessary Journal entries to record this arrangement.