A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admitted C as a new partner for 1/5th share in profits of the firm. On the date of C’s admission goodwill was valued at Rs 25,000. C contributed the following assets to his capital and his share of goodwill. Debtors Rs 10,000 and Stock Rs 15,000. Record necessary journal entries.
