Question No: 4 10 Marks X and Y are partners in a firm sharing profits and losses in the ratio of 2:1. As per their mutual consent Z is admitted as a new partner paying a premium of RO 45,000 for 1/4th share of profits, which he acquires 1/6th from X and 1/12th from Y. 1/4th of the Goodwill was withdrawn by old partners. Required: a) Calculate New Profit Sharing ratio and Sacrificing Ratio. (4 Marks) b) Give Journal Entries for Goodwill. (2 Marks) Page 4 of 5 c) Write the difference between Premium Method' and 'Revaluation Method'. (4 Marks)