X and Y are partners with capitals of ₹ 50,000 each. They admit Z as a partner for 1/4th share in the profits of the firm. Z brings in ₹ 80,000 as his share of capital. Profit and Loss Account showed a credit balance of ₹ 40,000 as on date of admission of Z.

Give necessary Journal entries to record the goodwill.

Anurag Pathak Changed status to publish May 20, 2023
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