Asin and Shreyas are partners in a firm....

Asin and Shreyas are partners in a firm. They admit Ajay as a new partner with 1/5th share in the profits of the firm. Ajay brings RS.5,00,000 as his share of capital. The value of the total assets of the firm was RS.15,00,000 and outside liabilities were valued at RS.5,00,000 on that date. Given necessary Journal entry to record goodwill at the time of Ajay's admission. Also show your workings.

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