X and Y are partners in a firm sharing profits and losses in 4 : 3 ratio. They admitted’ Z for 1/8 share. Z brought Rs. 20,000 for his capital and Rs. 7,000 for his 1/8 share of goodwill. Subsequently X, Y and Z decided to show goodwill in their books at Rs.40,000. Show necessary entries in the books of X, Y and Z?
