Black and Smart are in partnership, sharing profits and losses equally. They decide to admit King. By agreement, goodwill valued at $40,000 is to be introduced into the business books. King is required to provide capital (cash) equal to that of Smart after she has been credited with her share of goodwill. The new profit sharing ratio is to be 8:3:5 respectively for Black, Smart and King. The Balance Sheet before the admission of King showed Non Current and Current Assets other than Cash 160,000 Cash 1,000 Total Assets 161,000 Current Liabilities (41,000) Net Assets 120,000 Capital: Black 70,000 Smart 50,000 120,000 Show: (a) Journal entries for admission of Smart. (b) Opening balance sheet of new business. (c) Journal entries for writing off the goodwill which the new partners decided to do soon after the start of the new business. (d) Prepare the capital accounts to show the effect of Goodwill being written off​