Sunaina and Tamanna are partners in a firm sharing profits

68 :- Sunaina and Tamanna are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as at 31^st March,2020 stood as follows

They agreed to admit Pranav into partnership for 1/5th share of profits on 1st April 2020, on the following terms
(a) All debtors are good.
(b) Value of land and building to be increased to Rs 1,80,000.
(c) Value of plant and machinery to be reduced by Rs 20,000.
(d) The liability against workmen’s compensation reserve is determined at Rs 20,000 which is to be paid later in the year.
(e) Anil, to whom Rs 40,000 were payable (already included in above creditors), drew a bill of exchange for 3 months which was duly accepted.
(f) Paranav to bring in capital of Rs 1,00,000 and Rs 10,000 as premium for goodwill in cash.
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Solution :-