Q. 130. A and B are partners in a firm. They share profits and losses as 4/5th and1/5th respectively. Below is given the Balance Sheet of the firm as at 31st March,2012:LiabilitiesAssetsCapital Accounts:1,15,00035,000 1,50,000 DebtorsPlantStock75,00080,00060,000Sundry CreditorsBills PayableReserve65,000 Cash15,000 Goodwill30,00025,00020,0002,60,0002,60,000C wants to join the firm from 1st April, 2012. He is willing to pay goodwillpremium to partners amounting to 20,000. In return he will be allowed to share 1/5thof the future profits of the firm which he acquires equally from A and B. The followingrevaluation of the assets is agreed upon : Plant to be reduced to 60,000, stock toき65,000 and debtors to 50,000 (き10,000 proved bad debts). The new partner is tointroduce 50% of the adjusted capitals ofthe existing partners. You are required to givejournal entries recording the above transactions. Give also the opening balance sheetof the new firm and new profit-sharing ratio.