A and B are partners sharing profits and...

A and B are partners sharing profits and losses in the ratio of 7 : 5. They admit C, their Manager, into partnership who is to get 1/6th share in the business. C brings in RS. 10,000 for his capital and RS. 3,600 for the 1/6th share of goodwill which he acquires 1/24th from A and B 1/18th from B. Profit for the first year of the new partnership was RS.24,000. Pass necessary Journal entries for C's admission and apportion the profit between the partners.

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