(Hidden Goodwill) The Balance Sheet of A and B who share profits and losses in the ratio of 2: 3 as on 31st March 2015 was as under BALANCE SHEET As at 31.03.2015 Liabilities $ Assets $ Bills Payable 25000 Cash 12600 General Reserve 125000 Sundry Debtors 46800 Profit & Loss A/c 80000 Bills Receivables 17900 A's Capital 200000 Furniture 4587700 Deferred Revenue B's Capital 250000 115000 Expenditure 680000 680000 On the above date, C is admitted as a new partner with 1/6th share in the profits of the firm. C brings $1,50,000 as his share of capital. Pass the necessary journal entries for recording capital and adjustment of goodwill