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A and B were in partnership sharing profits and losses in the ratio of 3 : 1. On 1st April, 2024 they admit C as a partner on the following terms: (a) That C brings ₹ 1,00,000 as his capital and ₹ 50,000 for goodwill, half of which to be withdrawn by A and B

Solution:- Note:- In the absence of any further information the sacrificing ratio is always equal to the old ratio i.e. 3 : 1 The premium for goodwill is credited to the sacrificing partners A and B in sacrificing ratio that…