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X and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2018, they admit Z as a new partner for 1/4th share in the profits. Z contributed following assets towards his capital and for his share of goodwill: Stock Rs. 60,000; Debtors Rs.80,000; Land Rs. 1,00,000; Plant and Machinery; Rs. 40,000. On the date of admission of Z, the goodwill of the firm was valued at Rs. 6,00,000. Pass necessary journal entries in the books of the firm on Z’s admission.

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