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A and B are partners in a firm sharing ...

A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrenders 1/5th of his share and B surrender 2/5th of his share in favour of C. For the purpose of C's admission, goodwill of the firm is valued at RS 75,000 and C bring his share of goodwill in cash which is retained in the firm's books. Journalise the above transactions.

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