L and M are partners sharing profits in the ratio of 5: 4. On 1 July 2005 they admit N into the firm for \(\frac{1}{10}\) share in future profits. N contributed the following assets for his capital and share of goodwill. Stock-in-trade Rs. 50,000, Furniture Rs. 25,000 and Land and Buildings Rs. 75,000 and machinery Rs. 50,000. Goodwill of the firm was valued at Rs. 45,000. Give the journal entries.
