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April 10, Arshad and Ramiz agree to accept Sohail as a partner upon his investment of Rs.
80,000 cash in the partnership. Sohail is to receive a 20% ownership interest in the new partnership. Any bonus attributable to existing partners is shared equally. Current capital of Arshad and Ramiz is Rs. 70,000 and 100,000 respectively. Record the journal entry at the time of admission also show calculations.

Sagot :

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