A, B and C are partners sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2019 stood as follows:They decided to share profits equally w.e.f. 1st April, 2019. They also agreed that:(i) Value of Land and Building be decreased by 5%. (ii) Value of Machinery be increased by 5%. (iii) A Provision for Doubtful Debts be created @ 5% on Sundry Debto₹ (iv) A Motor Cycle valued at ₹ 20,000 was unrecorded and is now to be recorded in the books. (v) Out of Sundry Creditors, ₹ 10,000 is not payable.(vi) Goodwill is to be valued at 2 years' purchase of last 3 years profits. Profits being for 2018-19 − ₹ 50,000 (Loss); 2017-18 − ₹ 2,50,000 and 2016-17 − ₹ 2,50,000.(vii) C was to carry out the work for reconstituting the firm at a remuneration (including expenses) of ₹ 5,000. Expenses came to ₹ 3,000.Answer the following questions:1. Remuneration expenses will be:(a) ₹ 3000 Debited to Revaluation A/c (b) ₹ 5000 Debited to Revaluation A/c (c) ₹3000 Shown on Liability side of the Balance Sheet (d) ₹3000 Shown on Asset side of the Balance Sheet 2. What journal entry will be passed for Investment Fluctuation Reserve? (a) Dr. Investment Fluctuation Reserve A/c ₹ 30,000, Cr. Investment ₹ 10,000; Cr. A’s Capital A/c ₹ 10,000; Cr. B’s Capital A/c ₹ 6,000; Cr. C’s Capital A/c ₹ 4,000 (b) Dr. Investment Fluctuation Reserve A/c ₹ 30,000, Cr. A’s Capital A/c ₹ 10,000; Cr. B’s Capital A/c ₹ 10,000; Cr. C’s Capital A/c ₹ 10,000 (c) Dr. A’s Capital A/c ₹ 10,000; Dr. B’s Capital A/c ₹ 10,000; Dr. Investment ₹ 10,000; Cr. Workmen’s Compensation Reserve A/c ₹ 30,000 (d) Dr. Revaluation ₹ 10,000; Cr. Investment ₹ 10,000 3. What journal entry is passed for goodwill? (a) B’s Capital A/c Dr.10,000; C ’s Capital A/c Dr.40,000; A’s Capital A/c Cr. 50,000 (b) Dr. Goodwill A/c ₹ 3,00,000; Cr. A’s Capital A/c ₹ 1,50,000; Cr. B’s Capital A/c ₹ 90,000; Cr. C’s Capital A/c ₹ 60,000 (c) A’s Capital A/c Cr.50,000; B’s Capital A/c Cr.10,000; C ’s Capital A/c Dr.60,000; (d) Dr. Goodwill A/c ₹ 50,000; Cr. Revaluation A/c ₹ 50,000 4. Profit (gain) on Revaluation of Assets and Reassessment of Liabilities is: (a) ₹ 17,000 (b) ₹ 22,000 (c) ₹ 57,000 (d) ₹ 2,000