X and Y are partners sharing profits in the ratio of 3 : 2. They admitted Z as a new partner for 1/4th share of profits. At the time of admission of Z Investments appeared at ₹ 80,000. Half of the investments to be taken over by X and Y in their profit-sharing ratio at book value. Remaining investments were valued at ₹ 50,000. Pass the necessary journal entries.

X and Y are partners sharing profits in the ratio of 3 : 2. They admit

1.	X and Y are partners sharing profits in the ratio of 3 : 2. They admitted Z as a new partner for 1/4th share of profits. At the time of admission of Z Investments appeared at ₹ 80,000. Half of the investments to be taken over by X and Y in their profit-sharing ratio at book value. Remaining investments were valued at ₹ 50,000. Pass the necessary journal entries.
Answer» partnership is an arrangement where parties, known as business partners, agree to cooperate to ADVANCE their MUTUAL interests. The partners in a partnership MAY be individuals, businesses, interest-based ORGANIZATIONS, schools, governments or COMBINATIONS.

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