Question: a. b. Abel and Baker decided to come together on 1 Immary and form a business sharing profits and losses equally. Abel contributed 35,000

a. b. Abel and Baker decided to come together on 1 Immary

a. b. Abel and Baker decided to come together on 1 Immary and form a business sharing profits and losses equally. Abel contributed 35,000 and Baker 25,000 respectively. On 1 September, 2018, they decided to admit Charles, which altered their profit and loss sharing ratio to 2:1:1. The following conditions were equally agreed upon: Charles was to pay into the firms at count the sum of $415,000, as his capital contribution, Goodwill was valued at N20,000 lut is yet to be recorded in the books of the partnership. Required: prepare the accounting entries to record the above transactions based on: (i) if goodwill is to remain in the books (i) if goodwill is not to remain in the books

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