Ram and Shyam were partners in a firm sharing profits and losses in the ratio of 2 : 1. Mohan was admitted for 1/3rd share in the profits

Ram and Shyam were partners in a firm sharing profits and losses in the ratio of 2 : 1. Mohan was admitted for 1/3rd share in the profits. On the date of Mohan’s admission, the Balance Sheet of Ram and Shyam showed General Reserve of ₹ 2,50,000 and a credit balance of ₹ 50,000 in Profit & Loss Account. Pass necessary Journal entries on the treatment of these items on Mohan’s admission.