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Ashok and Ramu are partners sharing profits in the ratio of 3:2. Their capital on 1st January, 2020 $2,000 and 60,000 respectively. They admitted Vijay into the partnership on that datehim a 1/5th share in the future profits, which he acquired equally from Ashok and Ramu.ser is to bring in 260,000 as his share of capital. Find the new profit sharing ratio and value of thewill of the firmSecond necessary journal entries on Vijay's admission from the above mentioned transactions |
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