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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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Join your school's WhatsApp group
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts