4. Mr. Navas, Mr. Meeran and Mr. Jaleel are partners in a firm sharing profits and losses in the ratio of 2:1:1. The following is their Balance Sheet as on December 31, 2018 was as under: Equities &Liabilities Amount Assets (OMR) Accounts Payable 18,000 Cash at bank Profit and Loss Account 16,000 Book Debts Capital Accounts: Stock Machinery Land & Building Amount (OMR) 10.000 9,000 20.000 Navas's Capital Meeran's Capital Jaleel's Capital 40,000 20,000 25.000 50.000 20,000 114,000 114.000 On that date, Mr. Meeran decided to retire from the firm and was paid for his share in the firm subject to the following: Machinery to be depreciated by10% and Land & Buildings to be appreciated by10%. Stock revalued at OMR 23,000 OMR 180 is to be provided for outstanding Utility Expenses A provision for doubtful debts has to be created at @ 2% on Book Debts. Goodwill of the firm is valued at OMR. 36,000 and the retiring partner's share is to be adjusted through the capital accounts of remaining partners. . OMR 9,000 has paid immediately to the retiring Partner and the balance in future. Prepare Revaluation Account, Capital Accounts of the partners and Balance sheet of the reconstituted firm. (10 Marks)