Atul and Abhay are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Akash as a new partner for 1/4th share

Atul and Abhay are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Akash as a new partner for 1/4th share. At the time of admission of Akash, Stock (Book Value ₹ 1,00,000) is to be reduced by 40% and Furniture (Books Value ₹ 60,000) is to be reduced to 40%. Pass the necessary Journal entries.