1.

B and C are in Partnership sharing profits and losses as 3 : 1. They admit D into the firm, D paying a premium of ₹ 15,000 for 1/3rd share of the profits. As between themselves, B and C agree to share the future profits and losses equally. Draft journal entries showing appropriations of the premium money.

Answer»

Explanation:Old ration of B and C - 3:2They ADMIT D in PARTNERSHIP FIRM and D pays PREMIUM of 15000 for 1/3 share of profit.



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