E and F were partners in a firm sharing profits in the ratio of 3 1 They admitted G as a new partner...........

E and F were partners in a firm sharing profits in the ratio of 3 : 1. They admitted G as a new partner on 1st April, 2019 for 1/3rd share. It was decided that E, F and G will share future profits equally. G brought 50,000 in cash and machinery valued at 70,000 as premium for goodwill.

Pass necessary Journal entries in the books of the firm.