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E and F were partners in firm sharing profits in the ratio of 3: 1. They admitted G and will share future profits equally.

 

E and F were partners in firm sharing profits in the ratio of 3: 1. They admitted G and will share future profits equally. G brought Rs.50,000 in cash and machinery worth Rs.70,000 fir his share of profit as premium of goodwill. pass necessary Journal entries in the books of the firm.

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