X and Y are partners sharing profits in the ratio of 3 1 Z is admitted as a partner for which he pa......

.X and Y are partners sharing profits in the ratio of 3 : 1. Z is admitted as a partner for which he pays 30,000 for goodwill in cash. X, Y and Z decide to share the future profits in equal proportion. You are required to pass a single Journal entry to give effect to the above arrangement.

By: NIHARIKA WALIA