A and B were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their fixed capitals on 31st March 2018 were as follows Rs 80,000 and Rs 75,000 respectively. Profits of the firm worth Rs 50,000 were distributed equally. It was discovered on 10th April, 2018 that the under mentioned transactions were not passed through the books of account. (i) Interest on capital 10% p.a. (ii) Salary to each partner Rs 500 p.m. (iii) Commission to a manager 10% p.a. It was decided to pass single adjustment entry rather than to alter the books. OR Ram and Shyam were partners in a firm sharing profits and losses in the ratio of 4 : 1. Their Balance Sheet was as follows : BALANCE SHEET as on 31st March, 2018 LiabilitiesAmountAssetsAmount(Rs)(Rs)Outstanding Salary5,000Cash in Hand3,000Trade Payables54,000Trade Receivables40,000Workmen Compensation Reserve25,000Patents15,000Contingency Reserve15,000Land and Building2,00,000Capital Account:Plant and Machinery80,000 Ram1,20,000 Shyam80,000Profit and Loss39,000 Total3,38,000 Total3,38,000 They decided to admit Gopal into the business from 1st April, 2018 for 14th share in the profits (which he acquired wholly from Ram.) On that date their assets and liabilities are revalued. (i) Patents were found valueless. (ii) Claim on account of Workmen Compensation is Rs 30,000. (iii) Plant and Machinery Rs 1,00,000. (iv) Creditors worth Rs 4,000 were not recorded. (v) Outstanding Salary is increased to Rs 8,000. (vi) Investment worth Rs 1,500 was not recorded at all. (vii) Gopal is to bring proportionate capital, he will also bring his share of goodwill in cash. Goodwill of the firm is valued at Rs 1,20,000. Prepare Revaluation Account, Capital Account and Balance Sheet on newly constituted firm.