Payment to retiring partners

Firstly, Why payment is made to old partners,

for Goodwill or part of any contract,

Second if not for any of above resons then not required for books in firms books it will be considered for individual partners taxation 

No you cant pass adjustment entry without knowing the facts and nature of transaction

so in present case it can be treated as capital balance of retiering partner was paid by new partner by introducing their capital share in firm.,

so you will pass JV for inter ledger adjustment , but also consider payment is made in cash and through bank transfer