Diksha, Krish and Rajan were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. On 1st April, 2024, Rajan decided to retire from the firm. On that day, the balance in his capital account after making the necessary adjustments on account of reserves, revaluation of assets and reassessment of liabilities was ₹ 1,80,000. Diksha and Krish agreed to pay him ₹ 2,20,000 in full settlement of his claim.
Calculate Rajan’s share of goodwill and pass the necessary journal entries for the same.