B and C are in partnership sharing profi...

B and C are in partnership sharing profits and losses as 3 : 1. They admit D into the firm, D pays premium of RS.15,000 for 1/3rd share of the profits. As between themselves, B and C agree to share future profits and losses equally. Draft Journal entries showing approprtations of the premium money.

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Dr. Premium for Goodwill A/c RS.15,000 and C's Capital A/c RS.3,750, Cr. B's Capital A/c -RS.18,750.

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TS GREWAL-Admission of a Partner-EXERCISE

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