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Business, 18.08.2020 14:01 jamarstand

Hem and Nem are partners in a firm sharing profits in the ratio of 3:2. Their capitals were 80,000 and 60,000 respectively. They admitted Sam on Jan 1, 2019 as a new partner for 1/5th share in the future profits. Sam brought 60,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries when Sam brings his share of goodwill in cash.

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