8(Premium for Goodwill is paid in Kind) L and M are partners in a firm sharing profits in the ratio of 3:1. They admitted O as a
new partner. L surrender 1/4 of his share and M surrender 1/3 of his share in favour of O. O brought the following assets
3 towards his share of capital and goodwill: Stock 40,000, Debtors 60,000, Land 1,00,000, Plant 60,000. The goodwill of the firm was valued at 4,80,000. Record the necessary journal entries for the same.