Reeha, Meenu and Sara were partners in a partnership firm sharing profits and losses in the ratio of 2:2:1. With effect from 1st April, 2023, they agreed to share profits and losses equally. On that date, there was a General Reserve of Rs. 50,000 in the books of the firm. It was agreed that:

(i) Goodwill of the firm be valued at Rs. 3,00,000.

(ii) Profit on revaluation of assets and re-assessment of liabilities amounted to Rs. 30,000.

Pass necessary journal entries for the above transactions in the books of the firm.

Marks-3, CBSE: 2023-24/Zone-4/Set-1/Q-17