The following was the Balance Sheet of A, B and C sharing profits and losses in the ratio of 6:5:3 respectively: LiabilitiesAmount AssetsAmount(Rs)(Rs)Creditors9,000Land and Buildings24,000Bills Payable :3,000Furniture3,500Capital Accounts :Stock14,000 A 19,000Debtors12,600 B 16,000Cash900 C 8,00043,00055,00055,000 They agreed to take D into partnership and give him a share of 1/8th on the following terms : (a) That D should bring in Rs 4,200 as goodwill and Rs 7,000 as his capital. (b) That furniture be depreciated by 12%. (c) That stock be depreciated by 10%. (d) That a reserve of 5% be created for doubtful debts. (e) That the value of land and buildings having appreciated be brought upto Rs 31,000. (f) That after making the adjustments, the capital accounts of the old partners (who continue to share in the same proportion as before) be adjusted on the basis of the proportion of D's capital to his share in the business, i.e., actual cash to be paid off to or brought in by the old partners as the case may be. Prepare Profit and Loss Adjustment Account (Revaluation Account), Capital Account and the Opening Balance Sheet of the new firm. OR Puri, Pant and patel are partners in a business sharing profits and losses in the ratio of 2:2:1, respectively. Thier Balance Sheet as on March 31,2017 was as follows : BALANCE SHEET as on March 31,2017 LiabilitiesAmount AssetsAmountSundry Creditors1,00,000Cash at Bank20,000Capital A/c:Stock30,000 Puri 60,000Sundry Debtors80,000 Pant 1,00,000Investment70,00 Patel 40,000––––––––2,00,000Furniture35,000Reserve50,000Buildings1,15,0003,50,0003,50,000