Answer:
To record Manya's admission into the firm and the necessary adjustments, we need to pass the following journal entries:
1. **To record Manya's capital and goodwill premium:**
\[
\text{Cash A/c} \rightarrow 1,00,000 \\
\text{Goodwill Premium A/c} \rightarrow 50,000 \\
\text{Manya's Capital A/c} \rightarrow 1,50,000
\]
2. **To adjust the outstanding electricity bill:**
\[
\text{Outstanding Electricity Bill A/c} \rightarrow 20,000 \\
\text{Cash A/c} \rightarrow 20,000
\]
3. **To adjust the overvaluation of stock:**
\[
\text{Stock A/c} \rightarrow 12,000 \\
\text{Profit and Loss A/c} \rightarrow 12,000
\]
These entries will reflect Manya's admission, the adjustment of the outstanding electricity bill, and the correction of the stock valuation.
