X and Y are partners in a firm sharing profits in the tatio of 5:3. On March 1,2004 they admitted Z as new partner. The new profit sharing ratio will be 4:3:2. Z brought in 1,00,000 in cash as his share of capital but could not bring any amount for goodwill in cash. The firm's goodwill on Z's Admission was valued at 1,80,000. At the time of Z's admission goodwill existed in the books of the firm at 2,40,000. Pass Journal.