Bharat and Ishu were partners in a firm sharing profits and losses in the ratio of 4:1. Rishab was admitted into partnership for 1/4th share in the profits of the firm. Goodwill of the firm was valued at ₹4,00,000. Rishab brought ₹2,00,000 as his capital and ₹60,000 out admission, goodwill was appearing in the books of the firm at ₹50,000.
Pass necessary journal entries for the above transactions in the books of the firm on Rishab’s admission.

Marks-3, CBSE: 2024-25/Zone-7/Set-1/Q-18*