Sunaina and Tamanna are partners in a firm sharing profits and losses in the ratio of 3.2. Their Balance Sheet as at B 31st March, 2020 stood as follows: Liabilities Capital Accounts:Sunaina TamannaCurrent AccountsSunainaTamannaGeneral ReserveBalance Sheet Amount AssetsPlant & Machinery Land and Building1,40,000 Debtors60,000 80,00010,000 30,000Workmen's Compensation ReserveCreditorsAmount () 1,20,0001,40,0001,50,00040,00030,00020,0001,90,000Less: Provision for Doubtful debts (40,000)40,000. Stock1,20,000 Cash50,000 Goodwill1,50,000They agreed to admit Pranav into partnership for 1/5th share of profits on 1st April, 2020, on the following terms:(a) All Debtors are good. (b) Value of land and building to be increased to 1,80.000.(c! Value of plant and machinery to be reduced by 20,000. (d) The liability against Workmen's Compensation Fund is determined at 20,000 which is to be paid later in theyear. (e) Mr. Anil, to whom 40,000 were payable (already included in above creditors), drew a bill of exchange for 3 months which was duly accepted.(4) Pranav to bring in capital of 1,00,000 and 10,000 as premium for goodwill in cash.Journalize.OrKrish, Vrish and Peter are partners sharing profits in the ratio of 3:2:1. Vrish retired from the firm. On that date the Balance Sheet of the firm was as follows :Balance Sheet as on March 31, 2020015.000 Bank 12,000 FurnitureLiabilitiesAssets(7,600 41,000CreditorsGeneral ReserveSample Paper - Accountancy (2020-21)12,000 Stock2,200 Premises 6,000 Debtors46,00030.00020,000 1,43,200Bills PayableOutstanding SalaryProvision for Legal DamagesCapitalsKrishVrish PeterAdditional Information:• Premises to be appreciated by 20%, Stock to be depreciated by 10% and Provision for doubtful debts was to be maintained @5% on Debtors. Further, provision for legal damages is to be increased by1,200 and furniture to be brought up to 45,000.Goodwill of the firm is valued at 42,000.26,000 from Vrish's Capital account be transferred to his loan account and balance to be paid through bank, if required, necessary loan may be obtained from bank • New profit sharing ratio of Krish and Peter is decided to be 5:1.Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet.​