Roopa partners in a firm sharing profits and losses in the ratio of 3:2:1. is admitted as a new partner for, 1/4 share in the profits of the firm, which he gets 1/8 from Pinky, and 1/16 each from Qmar and Roopa. The total capital of the new firm after Seema’ admission will be Rs. 2,40,000. Seema is required to bring in cash equal to 1/4 of the total capital of the new firm. The capitals of the old partners also have to be adjusted in proportion of their profit sharing ratio. The capitals of Pinky, Qqmar and Roopa after all adjustments in respect of goodwill and revaluation of assets and liabilities have been made are Pinky Rs.80,000, Qmar Rs. 30,000 and Roopa Rs. 20,000. Calculate the capitals of all the partners and record the necessary journal entries for doing adjustments in respect of capitals according to the agreement between thee partners?
