Balance Sheet of Ram and Shyam who shares profits in the ratio of their capitals as at 31st March, 2019 is: Liabilities Amount (₹) Assets Amount (₹) Capital A/cs: Freehold Premises 20,000 Ram 30,000 Plant and Machinery 13,500 Shyam 25,000 55,000 Fixtures and Fittings 1,750 Current A/cs: Vehicles 1,350 Ram 2,000 Stock 14,100 Shyam 1,800 3,800 Bills Receivable 13,060 Creditors 19,000 Debtors 27,500 Bills Payable 16,000 Bank 1,590 Cash 950 93,800 93,800 On 1st April, 2019, they admitted Arjun into partnership on the following terms:(a) Arjun to bring ₹ 20,000 as capital and ₹ 6,600 for goodwill, which is to be left in the business and he is to receive 1/4th share of the profits.(b) Provision for Doubtful Debts is to be 2% on Debtors.(c) Value of Stock to be written down by 5% .(d) Freehold Premises are to be taken at a value of ₹ 22,400; Plant and Machinery ₹ 11,800; Fixtures and Fittings ₹ 1,540 and Vehicles ₹ 800.You are required to make necessary adjustments entries in the firm, give Balance Sheet of the new firm as at 1st April, 2019 and also determine the ratio in which the partners will share profits, there being no change in the ratio of Ram and Shyam.