.X and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admit Z as a partner for 1/4th share in the profits. Z contributed following assets towards his capital and for his share of goodwill:

Stock 60,000; Debtors   80,000; Land   1,00,000, Plant and Machinery   40,000. On the date of admission of Z, the goodwill of the firm was valued at 6,00,000. Pass necessary Journal entries in the books of the firm on Z's admission.