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Pc and y are equal partners on 1st july 1962 they agree to

Question: PC and Y are equal partners. On 1st July, 1962, they agree to admit Ζ as partner. Ζ is to pay £2,000 as a premium-the money to be left in the business-and to contribute £5,000 as capital. The Balance Sheet of the old firm as at 30th June, 1962, was as follows:

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Accounting Basics: Pc and y are equal partners on 1st july 1962 they agree to

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