X and Y share profits in the ratio of 5 : 3 . Their Balance Sheet as at 31st March, 2018 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 D. 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 Z is admitted as a new partner on 1st April, 2018 on the following terms:(a) Provision for doubtful debts is to be maintained at 5% on Debtors.(b) Outstanding rent amounted to ₹ 15,000.(c) An accrued income of ₹ 4,500 does not appear in the books of the firm . It is now to be recorded.(d) X takes over the Investments at an agreed value of ₹ 18,000.(e) New Profit-sharing Ratio of partners will be 4 : 3 : 2 .(f) Z will bring in ₹ 60,000 as his capital by cheque.(g) Z is to pay an amount equal to his share in firm's goodwill valued at twice the average profits of the last three years which were ₹ 90,000 ; ₹ 78,000 and ₹ 75,000 respectively.(h) Half of the amount of the goodwill is to be withdrawn by X and Y . You are required to pass journal entries , prepare Revaluation Account , Partners' Capital and Current Accounts and the Balance Sheet of the new firm.They admit Z into partnership with 1/8th share in profits on this date . Z brings ₹ 20,000 as his capital and ₹ 12,000 for goodwill in cash . Z acquires his share entirely from X. Following revaluations are also made :(a) Employees' Provident Fund liability is to be increased by ₹ 5,000.(b) All Debtors are good. Therefore, no provision is required on Debtors.(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.