(Premium brought in Kind). X and Y are...

(Premium brought in Kind).
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admit Z as new partner for 3/13th share in the profits. New ratio will be 5 :5 :3. Z contributed the following assets to his capital and his share for goodwill: Stock RS 80, 000, Debtors RS 1,20,000, Land RS 2,00,000, Plant and Machinery RS 1,00,2000. On the date of admission of Z, goodwill of the firm was valued at RS 10,40,000, Pass necessary Journal entries in the books of the firm on Z's admission.

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