Ashish and Vishesh were partners sharing profits and losses

50 :- Ashish and Vishesh were partners sharing profits and losses in the ratio of 3;2. Their balance sheet as at 31^st March, 2022, was as under

On 1st April 2022, Manya was admitted into the firm with 1/4th share in the profits on the following terms:
(i)Manya will bring Rs 1,00,000 as her capital and Rs 50,000 as her share of goodwill premium in cash.
(ii)Outstanding electricity bill will be paid off.
(iii)Stock was found overvalued by Rs 12,000
Pass the necessary journal entries in the books of the firm on Manya’s admission.

Solution :-