Alfa and Beta were partners in a firm. They were trading in artificial limbs. On 1st April, 2013 they admitted Gama, a good friend of Beta into the partnership. Gama lost his one hand in an accident and Alfa and Beta decided to give one artificial hand free of cost to Gama. The Balance Sheet of Alfa and Beta as at 31st March, 2013 was as follows: BALANCE SHEET OF ALFA AND BETA as at 31st March, 2013 Capital and LiabilitiesRsAssetsRsProvision for Doubtful Debts40,000Cash1,00,000Workmen's CompensationSundry Debtors8,00,000Reserve56,000Stock2,00,000Outstanding Expenses30,000Machinery3,86,000Creditors3,00,000Profit and Loss A/c40,000Capitals: Alfa 5,00,000 Beta 6,00,000––––––––––11,00,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯15,26,000–––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯15,26,000––––––––––– Gama was admitted in the firm on the following terms: (i) Gama will bring in Rs 4,00,000 as his share of capital, but he was unable to bring any amount for goodwill. (ii) The new profit sharing ratio between Alfa, Beta and Gama will be 3:2:1. (iii) Claim on account of workmen compensation was Rs 30,000. (iv) To write off bad debts amounting to Rs 40,000. (v) A liability of Rs 20,000 included in creditors is not likely to arise. (vi) Outstanding expenses be brought down to Rs 12,000. (vii) Rs 20,000 be provided for an unforeseen liability. (viii) Goodwill of the firm was valued at Rs 1,80,000. Prepare Revaluation Account, Capital Accounts of Partners and the opening Balance Sheet of the new firm. Also identify any one value which the partners wanted to communicate to the society.