X and Y are partners sharing profits in the ratio of 3:2

45 :- X and Y are partners sharing profits in the ratio of 3:2. They admitted Z as a partner for 1/4^th share of profits. At the time of admission of Z, investments appeared at Rs 80,000. Half of the investments to be taken by X and Y in their profit-sharing ratio at book value. Remaining investments were valued at Rs 50,000. Pass the necessary journal entries.

Solution :-