The following was the Balance Sheet of Arun, Bablu and Chetan sharing profits and losses in the ratio of respectively. Liabilites Amount (Rs) Assets Amount (Rs) Creditors 9,000 Land and Buildings 24,000 Bills Payable 3,000 Furniture 3,500 Capital Accounts Stock 14,000 Arun 19,000 Debtors 12,600 Bablu 16,000 Cash 900 Chetan 8,000 43,000 55,000 55,000 They agreed to take Deepak into partnership and give him a share of 1/8 on the following terms:(a) that Deepak 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 Deepak’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 Cash Account, Profit and Loss Adjustment Account (Revaluation Account) and the Opening Balance Sheet of the new firm.