Anshu and Anup are partners in a firm sharing profits in the ratio of 5:3. On Jan 1 , 2013 they admit Shilpi as a new partner. The new profit sharing ratio will be 4:3:2. Shilpi brought Rs. 1,00,000 for her capital but could not bring any share of goodwill. The firm’s goodwill on Shilpi’s admission was valued at Rs.1,80,000. At the time of Shilpi’s admission goodwill existed in the books of the firm at Rs.2,40,000. Record necessary journal entries on Shilpi’s admission.
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cash account dr
to shipi capital account
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