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C is admitted as a new partner to the firm of A and B. The sharing ratio of profits and losses between A, B, and C is 3:2:1. C contributes Rs. 1,20,000 in cash as his share of goodwill. Goodwill is valued at Rs. 1,20,000. Based on the sharing ratio, goodwill credited to A is Rs. 72,000 and to B is Rs. 48,000.

Author

Yutika Doshi

Language

EN