Sun, Moon and Jupiter are partners in a business, sharing profits and losses in the ratio of 5 : 3 : 2.

It is provided, in the partnership deed, that the goodwill of the firm shall be equal to 2.5 times the average annual profits of the four years to the date of change, and that the consideration for the changes in the partners’ shares, is to be calculated on this basis, but the Goodwill Account is not be brought into the firm’s books. Profits, of the firm, have been : 2014 -- ₹30,000; 2015 -- ₹32,000; 2016 -- ₹28,000; and 2017-- ₹46,000. It was agreed that

(a) On December 31, 2017 Moon and Jupiter should each acquire from Sun, an additional 1/10th share in the firm.

(b) On January 1, 2018 Venus (son of Sun) should be admitted into the partnership on the following terms : His share to be one-eighth, of which a proportion, calculated to produce ₹3,400 p.a. on the basis of the annual average of the past profits set out above, is to be ceded to him by his father, the balance to be purchased by him (Venus) from Moon and Jupiter, in proportion to their respective shares as they were immediately prior to the admission of Venus.

(c) On December 31, 2018 Sun should retire and the continuing partners should acquire his share of goodwill in such proportion as would make them equal owners of the same, the value of goodwill remaining unchanged and the item of goodwill not to be brought into the books as an asset.

You are required :
(i) To set out the Journal Entries necessary to record the foregoing matters in the books of the firm; and

(ii) To set out the revised proportion in which the partners share the profits following the admission of Venus. (Calculations to be made to the nearest rupee).