A,B and C are partners sharing profits and losses in the ratio of 5:4:1. C acquires 1/5th share from A. There is an accumulated profit or losses of ₹90,000. The assets have to be revalued and liabilities reassessed. They decided not to record the revised values of assets and liabilities in the books.Answer the following questions: 1) In case of change in profit sharing ratio, the question is silent, then accumulated profit or losses of ₹90,000 are a. Distributed b. Not distributed c. Adjusted d. None of these 2) Revaluation account is prepared …………… the value of assets. a. To revise b. Not to revise c. To distribute d. None of these 3) The steps to be followed in case of change in profit sharing ratio, when revised values are not to be recorded in the books are1. Pass a single adjustment entry2. To find share of sacrifice/gain of partners 3. Calculation of the net effect of revaluation 4. Calculation of proportional amount of net effect of revaluation. The options are4) Calculate new profit sharing ratio a. 5:4:2 b. 5:4:1 c. 3:4:3 d. None of these