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X and Y had been in partnership sharing profit and losses in the ratio of 1:2 re...
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X and Y had been in partnership sharing profit and losses in the ratio of 1:2 respectively. Z was later admitted to the partnership. It was agreed that the goodwill is valued at N$120 000. No goodwill account is to be retained in the books of account. Profit and losses were to be shared between X, Y and Z in the ratio of 2: 1: 1 respectively. What was the effect of the goodwill adjustment in X’s capital account?
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