A, B and C are partners sharing profits and losses in the ratio of 5 : 3 : 2 . Their Balance Sheet as at 31st March, 2017 stood as follows: Liabilities ₹ Assets ₹ Capital A/cs: Land and Building 3,50,000 A 2,50,000 Machinery 2,40,000 B 2,50,000 Computers 70,000 C 2,00,000 7,00,000 Investments(Market value ₹ 90,000) 1,00,000 General Reserve 60,000 Sundry Debtors 50,000 Investments Fluctuation Reserve 30,000 Cash in Hand 10,000 Sundry Creditors 90,000 Advertisement Suspense 5,000 8,80,000 8,80,000 They decided to share profits equally w.e.f. 1st April, 2017. 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 Debtors.(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 2016-17—₹ 50,000 (Loss); 2015-16—₹2,50,000 and 2014-15—₹ 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.Pass journal entries and prepare Revaluation Account.