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

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Working Notes :

1. Calculation of sacrificing Ratio

sacrificing ratio = old Ratio - New Ratio 

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