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A and B are in partnership sharing profi...

A and B are in partnership sharing profit and losses in the ratio of 5 : 3. C is admitted as a partner who pays RS.40,000 as capital and the necessary amount of goodwill which is valued at RS.60,000 for the firm. His share of profits will be 1/5th which he takes 1/10th from A and 1/10th from B.
Give Journal entries and also calculate future profit-sharing ratio of the partners.

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New Profit-sharing Ratio-21 : 11 : 8.
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TS GREWAL-Admission of a Partner-EXERCISE
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