partnership and share profits and losses in the proportion of three-fifth and two-fifth The following is the Balance Sheet at 31st March, 2018, of A and B who are in ATION 60. ADMISSION OF A PARTNER respectively. Liabilities Creditors Bills Payable Provision for Doubtful Debts Capital Accounts: B under: Assets 15,000 Freehold Premises 10,000 4,500 4,310 Machinery and Plant 900 4,000 Furniture 12,500 Stock 24,000 22,500 Debtors 9,000 4.250 33,000 Investments 1,660 Cash 56,310 56,310 They admit Cinto partnership from 1st April, 2018. The terms of agreement are as (i) C to bring in 36,000 as capital and 34,800 for goodwill in order to get wo-seventh share in profit. (ii) 4,800 paid by C to be credited to the Loan Accounts of A and B in respective eroportions. (iii) Freehold Premises is undervalued by 5,000. (iv) Machinery and Plant is overvalued by 500. (v) Stock to be discounted at 10% and Provision for Doubtful Debts be reduced b 1,000. (vi) Investments are to be brought down at their market price, it being 33,200. Prepare Journal entries, capital accounts and opening balance sheet, Also calcul new ratio. JOURNAL