Leena, Madan and Naresh were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 3. On 31st March, 2015, their Balance Sheet was as follows : Capital and LiabilitiesRsAssetsRsTrade Creditors1,60,000Land and Building10,00,000Bank Overdraft44,000Machinery5,00,000Long-term Debts4,00,000Furniture7,00,000Employee's Provident Fund76,000Investments2,00,000Capitals:Leena 12,50,000Closing stock8,00,000Madan 8,00,000Sundry Debtors4,00,000Naresh 10,50,000–––––––––––31,00,000Bank80,000Deferred AdvertisementExpenditure1,00,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯37,80,000––––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯37,80,000–––––––––––––––––––––– On 31st March, 2015, Madan retired from the firm and the remaining partners decided to carry on the business. It was decided to revalue assets and liabilities as under : (i) Land and Building be appreciated by Rs 2,40,000 and Machinery be depreciated by 10%. (ii) 50% of Investments were taken over by the retiring partner at book value. (iii) An old customer Mohit whose account was written off as bad debt has promised to pay Rs 7,000 in settlement of his full debt of Rs 10,000. (iv) Provision for Doubtful Debts was to be made at 5% on debtors. (v) Closing Stock will be valued at market price which is Rs 1,00,000 less than the book value. (vi) Goodwill of the firm be valued at Rs 5,60,000 and Madan's share of goodwill be adjusted in the accounts of Leena and Naresh. Leena and Naresh decided to share future profits and losses in the ratio of 3 : 2. (vii) The total capital of the new firm will be Rs 32,00,000 which will be in the proportion of the profit-sharing ratio of Leena and Naresh. (viii) Amount due to Madan was settled by accepting a Bill of Exchange in his favour payable after 4 months. Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of the firm after Madan's retirement.