DIRECTION read the following case study and answer the 1 to 4 questions on the basis of the same.Rachit and Madhur were partners in a firm sharing profits and losses in the ratio of 4 : 3. The following is the balance sheet of the firm as on 31st December, 2019.They agreed to admit Rishant as a partner with effect from 1st January,2020 for 1/4th share in profits on the following terms. (i) Rishant will bring to ₹ 47,183 as his capital. (ii) Building is to be appreciated by ₹ 14,000 and plant to be depreciated by ₹7,000. (iii) The provision on debtors is to be raised to ₹ 1,000 (iv) The goodwill of the firm has been valued to ₹ 21,0001. What will be the net amount of debtors in new balance sheet? (a) ₹ 20,500 (b) ₹ 20,200 (c) ₹ 19,500 (d) ₹ 19,200 2. What is the profit /loss revaluation and by what amount? (a) Profit ₹ 7,000 (b) Profit ₹ 6,300 (c) Loss ₹ 7,000 (d) Loss ₹ 6,300 3. What is the sacrificing ratio of Rachit and Madhur? (a) 1:1 (b) 3:4 (c) 4:3 (d) Can’t be determined4. In general Goodwill adjustment is done in accounts of old partners in ……….. ratio (a) old profit sharing (b) sacrificing ratio (c) both (a) and (b) (d) new profit sharing ratio