A, B and C are the partners in a firm. They share profit and loss in the ratio of 2:2:1. Their capitals are ₹20,000, ₹20,000 and ₹10,000 respectively. They admit R in the partnership on the condition that he will bring ₹3,000 as goodwill and ₹5,000 as capital and will get 1/6th share in profit of the firm. Assume that goodwill and capital have been brought in cash by the new partner. Pass the necessary Journal entry and find out the new profit sharing ratios for all the partners, if goodwill is withdrawn by the partners.
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