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A and B are partners in a firm, sharing profits and losses in the ratio of 3: 2. A new partner C is admitted.

A and B are partners in a firm, sharing profits and losses in the ratio of 3: 2. A new partner C is admitted. A surrender 1/5th of his share and B surrender 2/5th of his share in favour of C. For the purpose of C's admission, goodwill of the firm is valued at Rs.75, 000 and C brought in his share of goodwill in cash, which is retained in the firm's books. Journalize the above transactions.

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