Pankaj and Lalit are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2023, they admit Jatinder as a partner for 1/4th share in the profits.

Pankaj and Lalit are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2023, they admit Jatinder as a partner for 1/4th share in the profits.

Jatinder contributed following assets towards his capital and for his share of goodwill:

Stock ₹ 60,000; Debtors ₹ 80,000; Land ₹ 1,00,000; Plant and Machinery ₹ 40,000.

On the date of admission of Jatinder, goodwill of the firm was valued at ₹ 6,00,000.

Record necessary Journal entries in the books of the firm on Jatinder’s admission.