Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner Kailash is admitted. Vimal gives 1/5th of his share and Nirmal gives 2/5th of his share in favour of Kailash. For the purpose of Kailash’s admission, goodwill of the firm is valued at ₹ 75,000 and Kailash brings his share of goodwill in cash which is retained in the business. Journalise the above transactions.

Anurag Pathak Changed status to publish May 17, 2023