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Neu fimm D.Balance Sheet as at 31st March 2020 stood asAssets11.800CreditorsAs Capital3s Capital51.45036.75088200CashStockDeptorsFurnitureMachinery1,00.000They admit C into partnership on 1st April, 2020 and give him 1/8th share in future profits on sefollowing terms2) Goodwill of the firm be valued at twice the average of the last three years profits which amountto 21.000 24.000 and 25,560.Cis to bring cash for the amount of his share of goodwill.( Cis to bring cash 15,000 as his capitalPass Journal entries recording these transactions, draw out the Balance Sheet of the new firm anddetermine new profit-sharing ratio.58. A and B are carrying on business in partnership and sharing profits and losses in the ratio of 3.2 Teo​

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