Question
Neeta and Sumita are partners sharing profits and losses in the ratios of 2:1. They admit Reeta as a partner for 1/4th share. Reeta pays
Neeta and Sumita are partners sharing profits and losses in the ratios of 2:1.
They admit Reeta as a partner for 1/4th share. Reeta pays Rs. 50,000 as capital
but does not bring any amount for goodwill. The goodwill of the new firm is
valued at Rs. 36,000. Give Journal entries.
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Horngrens Accounting
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood
11th Canadian Edition Volume 2
0135359783, 978-0135359785
