Arun, Arvind and Alok are in partnership sharing profits and losses in the ratio of 5 : 4 : 1. Two new partners Ankur and Aseem are admitted.

Arun, Arvind and Alok are in partnership sharing profits and losses in the ratio of 5 : 4 : 1. Two new partners Ankur and Aseem are admitted. The profits are to be shared in the ratio of 3 : 4 : 2 : 2 : 1 respectively. Ankur is to pay ₹ 90,000 for his share of goodwill but Aseem is unable to bring his share of Goodwill. Both the new partners introduced ₹ 1,20,000 each as their capital. Pass necessary Journal entries.