Balance Sheet of X and Y, who share profits and losses as 5 : 3, as at 1st April, 2019 is:LiabilitiesAmountAssetsAmountX's Capital52,000Goodwill8,000Y's Capital54,000Machinery38,000General Reserve4,800Furniture15,000Sundry Creditors5,000Sundry Debtors33,000Employees' Provident Fund1,000Stock7,000Workmen Compensation Reserve10,000Bank25,000Advertisement Suspense A/c8001,26,8001,26,800On the above date, they decided to change their profit-sharing ratio to 3 : 5 and agreed upon the following: (a) Goodwill be valued on the basis of two years' purchase of the average profit of the last three yea₹ Profits for the years ended 31st March, are: 2016-17 − ₹ 7,500; 2017-18 − ₹ 4,000; 2018-19 − ₹ 6,500. (b) Machinery and Stock be revalued at ₹ 45,000 and ₹ 8,000 respectively. (c) Claim on account of workmen compensation is ₹ 6,000.Answer the following questions:i. Advertisement suspense a/c of ₹ 800 will be: (a) Debited to Revaluation A/c (b) Credited to Revaluation A/c (c) Debited to Partners capital A/c (d) Credited to Partners capital A/cii. Employees' Provident Fund of ₹ 1,000 to be: (a) Debited to Revaluation A/c (b) Credited to Revaluation A/c (c) Shown on Liability side of the Balance Sheet (d) Credited to Partners capital A/ciii. What journal entry will be passed for Workmen’s Compensation Fund? (a) Dr. Workmen’s Compensation Fund ₹ 10,000, Cr. Claim for Workmen’s Compensation ₹ 6,000; Cr. X’s Capital A/c ₹ 2,500; Cr. Y’s Capital A/c ₹ 1,500 (b) Dr. Workmen’s Compensation Fund ₹ 10,000; Cr. X’s Capital A/c ₹ 6,250; Cr. Y’s Capital A/c ₹ 3,750 (c) Dr. X’s Capital A/c ₹ 1,500; Dr. Y’s Capital A/c ₹ 2,500; Dr. Claim for Workmen’s Compensation ₹ 6,000; Cr. Workmen’s Compensation Reserve A/c ₹ 10,000 (d) Dr. Revaluation ₹ 4,000; Cr. Claim for Workmen’s Compensation ₹ 4,000iv. What journal entry is passed for goodwill? (a) Y’s Capital A/c Dr.3,000; X’s Capital A/c Cr.3,000 (b) Dr. Goodwill A/c ₹ 12,000; Cr. X’s Capital A/c ₹ 6,000; Cr. Y’s Capital A/c ₹ 6,000 (c) Y’s Capital A/c Cr.3,000; X’s Capital A/c Cr.3,000 (d) Dr. Goodwill A/c ₹ 12,000; Cr. Revaluation A/c ₹ 12,000