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A and B are partners sharing profit and losses in the ratio of 3: 2. They admit C into the firm for 1/4th share

 

A and B are partners sharing profit and losses in the ratio of 3: 2. They admit C into the firm for 1/4th share in profits which he takes 1/6th from A and 1/12th from B.C brings in only 60% of his share of firm's goodwill. Goodwill of the firm has been valued at Rs.1,00,000. Pass necessary Journal entries to record this arrangement.

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