Accountancy > Accounting for Partnership Firms > Admission Of A Partner

Mohit and Rohit were partners in a firm sharing profits and losses in the ratio of 3: 2. On $1^{st}$ April, 2024, they admitted Radha for $\frac{1}{5}^{th}$ share in the profits of the firm. Before Radha's admission, the Balance Sheet of Mohit and Rohit showed furniture at ₹6,30,000. On admission of Radha, it was found undervalued by 10%. The journal entry for the above adjustment on Radha's admission will be: