=+C, who has a similar business in Bristol, joins them as a partner and aquires equally from

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=+C, who has a similar business in Bristol, joins them as a partner and aquires equally from A and Β a 20% share of their Goodwill; in payment for the Goodwill and as his contribution to the capital of the firm, C introduces the assets, less liabilities, of his Bristol business which were:

Stock Debtors Lease of store Fixtures Creditors

£1,200

£2,600

£6,000

£2,500

£2,300.

The new firm decided that no account for Goodwill shall appear in the books; that C will continue to manage the Bristol store for which he will receive, out of the profits of that store, a partner's salary of £1,000

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