​A and B , carrying on business in partnership and sharing profits and losses in the ratio of 3 : 2 , require a partner, when their Balance Sheet stood as: Liabilities ₹ Assets ₹ Creditors 11,800 Cash 1,500 A's Capital 51,450 Stock 28,000 B's Capital 36,750 88,200 Debtors 19,500 Furniture 2,500 Machinery 48,500 1,00,000 1,00,000 They admit C into partnership and give him 1/8th share in the future profits on the following terms:(a) Goodwill of the firm be valued at twice the average of the last three years' profits which amounted to ₹ 21,000; ₹ 24,000 and ₹ 25,560.(b) C is to bring in cash for the amount of his share of goodwill.(c) C is to bring in cash ₹ 15,000 as his capital.Pass journal entries recording these transactions , draw out the Balance Sheet of the new firm and state new profit-sharing ratio.