Usha and Asha are in partnership in the ratio 3 : 2. Neelam is admitted into partnership giving her 1/5th share in profits. Neelam is to bring in Rs. 30,000 as her capital and her share of goodwill in cash subject to the following terms:-(i) Goodwill of the firm is valued at Rs. 50,000.(ii) Stock is to be reduced by Rs. 3,000 and Provision for Bad Debts is to be reduced by Rs. 2,400.(iii) There was a claim against the firm for damages amounting to Rs. 2,000.The claim has now been accepted.Pass necessary journal entries.

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