B and C are in partnership sharing profits and losses as 3 1 They admit D into the firm D pays premi...........

Accountancy ( 12th) Admission of a Partner

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

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