X and Y are partners. in a firm sharing profits and losses in 4 : 3 ratio. They admitted Z for 18 share. Z brought Rs. 20,000 for his capital and Rs. 7,000 for his 18 share of goodwill. Subsequently X, Y.and Z decided to show goodwill in their books at Rs. 40,000. Show necessary journal entries in the books of X, Y and Z.

X and Y are partners. in a firm sharing profits and losses in 4 : 3 ra

1.	X and Y are partners. in a firm sharing profits and losses in 4 : 3 ratio. They admitted Z for 18 share. Z brought Rs. 20,000 for his capital and Rs. 7,000 for his 18 share of goodwill. Subsequently X, Y.and Z decided to show goodwill in their books at Rs. 40,000. Show necessary journal entries in the books of X, Y and Z.
Answer» X and Y are partners. in a firm sharing profits and losses in 4 : 3 ratio. They admitted Z for $\frac{1}{8}$ share. Z brought Rs. 20,000 for his capital and Rs. 7,000 for his $\frac{1}{8}$ share of goodwill. Subsequently X, Y.and Z decided to show goodwill in their books at Rs. 40,000. Show necessary journal entries in the books of X, Y and Z.