Yogesh and Naresh are partners sharing profits in the ratio of 3 : 2. They admit Ramesh for 1/3rd share on 1st April, 2019 and also decide to share future profits equally. Balance Sheet of the firm as at 31st March, 2019 was as follows: Liabilities Amount (₹) Assets Amount (₹) Capital A/cs: Land 4,00,000 Yogesh 5,00,000 Building 4,00,000 Naresh 5,00,000 10,00,000 Furniture 50,000 Current A/cs: Computers 1,00,000 Yogesh 1,10,000 Stock 1,50,000 Naresh 90,000 2,00,000 Sundry Debtors 2,10,000 Employees' Provident Fund 25,000 Less: Provision for Doubtful Debts 10,000 2,00,000 Workmen Compensation Reserve 1,00,000 Cash 10,000 Sundry Creditors 75,000 Bank 70,000 Expenses Payable 10,000 Advertisement Suspense 30,000 14,10,000 14,10,000 They admitted Ramesh on the following terms:(a) He will bring ₹ 5,00,000 as his capital.(b) His share of goodwill is valued at ₹ 1,00,000 but he is unable to bring cash for his share of goodwill. It is agreed to debit the amount to his Current Account.(c) Value of Land and Building is to be appreciated by ₹ 40,000 each.(d) Value of Furniture to be reduced to ₹ 40,000.(e) Provision for Doubtful Debts to be increased to 10%.(f) A liability for damages of ₹ 10,000 is to be created.Pass the Journal entries on admission of Ramesh and prepare Revaluation Account.