X and Y share profits in the ratio of 5 : 3. Their Balance Sheet as at 31st March, 2019 was: Liabilities Amount (₹) Assets Amount (₹) Creditors 15,000 Cash at Bank 5,000 Employees' Provident Fund 10,000 Sundry Debtors 20,000 Workmen Compensation Reserve 5,800 Less: Provision for Doubtful Debts 600 19,400 Capital A/cs: Stock 25,000 X 70,000 Fixed Assets 80,000 Y 31,000 1,01,000 Profit and Loss A/c 2,400 1,31,800 1,31,800 They admit Z into partnership with 1/8th share in profits on 1st April, 2019. Z brings ₹ 20,000 as his capital and ₹ 12,000 for goodwill in cash. Z acquires his share from X. Following revaluations are also made:(a) Employees' Provident Fund liability is to be increased by ₹ 5,000.(b) All Debtors are good.(c) Stock includes ₹ 3,000 for obsolete items.(d) Creditors are to be paid ₹ 1,000 more.(e) Fixed Assets are to be revalued at ₹ 70,000. Prepare Journal entries, necessary accounts and new Balance Sheet. Also, calculate new profit-sharing ratio.