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(Treatment of goodwill) A and B are partners sharing profits and losses in the ratio of 3: 2. On 1.4.2014 C was admitted as a
(Treatment of goodwill) A and B are partners sharing profits and losses in the ratio of 3: 2. On 1.4.2014 C was admitted as a partner paying $30,000 as capital and the necessary amount of goodwill which was valued at $54,000 for the firm. His share of profits is 1/6 which he acquires equally from A and B. The profit for the year ended 31st March 2015 was $36,000. Journalise the above transactions
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Principles Of Financial And Managerial Accounting
Authors: James Don Edwards, Roger H. Hermanson
1st Edition
0256130000, 978-0256130003
