Question - 26

Ambaram and Babulal are partners sharing profit in the ratio 7:5 they decided to admit their manager champalal as new partner in 1/6 share of profit in new firm he contribute cash Rs. 10,000 as capital and Rs. 4,800 as goodwill he gets his share 1/4 from Ambaram and 3/4 from Babulal the profit of the new firm is Rs. 24,000 pass the necessary entries in connection with champalal's admission and apportion the profit between the partner's.

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