P and Q are in partnership. P's capital is ₦6000:Q's capital is ₦3000. They share...

P and Q are in partnership. P's capital is ₦6000:Q's capital is ₦3000. They share profit and losses in ratio of 3/4 and 1/4 respectively. They agreed to admit R as a partner. R is to introduce ₦1500 as a capital and his share of profit or losses is to be 1/6. P and Q are to share profit and losses in the same ratio as before the admission of R. P and Q are to be credited with their respective shares of the goodwill which is estimated at ₦4000. Prepare the necessary entries in the journal, ledger and cashbook.?

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Asked by Adebayo on 10th February, 2024