Pass necessary Journal entries to record the following transactions on the admission of C, as a partner in the Journal of A and B, who are sharing profits in the ratio of 2:3. Extract of Balance sheet particulars Rs Assets Rs Creditors 48,000 Machinery Stock Furniture 20,000(old) 18,000 60,000 Additional information 1)The value of Machinery is increased to Rs.50,000.(current value) Machinery. A/c. Dr To, revaluation A/c (being increase in value of asset) 2)The value of Machinery is decreased to Rs. 15,000. 3)The value of Machinery to be appreciated by 5% . 1)value of Furniture is decreased to Rs.30,000. 2)The value of Furniture be reduced by 10%. 3) Furniture be Valued at Rs. 40,000. 1)Stock is to be reduced by 10%. 2)Stock. Was overvalued by Rs. 2,000. 1)creditors are to be paid Rs. 2000 more. 2)A liability of Rs. 2,500 included in creditors is not likely to arise. (not to be paid. ) . 3)It is found that the creditors included a sum of Rs. 12,000 which was not to be paid.