Step 1: Group the entries by purpose rather than by sequence:
Think of admission as needing four separate adjustments: (a) bringing in the new partner's money, (b) compensating old partners for the share given up, (c) revaluing what the firm already owns/owes, and (d) clearing out old reserves fairly.
Step 2: Write the entry for (a) and (b) together, since both may arrive as one bank deposit:
Bank A/c Dr. (capital + goodwill share)
To New Partner's Capital A/c
To Premium for Goodwill A/c
followed by: Premium for Goodwill A/c Dr. To Old Partners' Capital A/cs (sacrificing ratio).
Step 3: Write the entry for (c):
Revaluation A/c is prepared; any resulting profit is credited (or loss debited) to old partners' capital accounts in their OLD ratio, since the revaluation relates to the period before the new partner joined.
Step 4: Write the entry for (d):
Reserves/P&L (credit balance) A/c Dr. To Old Partners' Capital A/cs in old ratio, for the same reason — these belong to the period before admission.
Final Answer:
Four groups of entries at admission: (i) capital and goodwill brought in by the new partner, (ii) goodwill premium credited to old partners in sacrificing ratio, (iii) revaluation profit/loss credited/debited to old partners in old ratio, (iv) existing reserves/accumulated profits credited to old partners in old ratio.