A and B were partners in a firm sharing profits and losses in the ratio of 3:2. On 1^st April 2020 their Balance Sheet was as follows:

Balance Sheet of A&B (as on 1^st April 2020)

	OMR	OMR
Cash Debtors Less: Provision Stock Furniture Buildings Land Creditors Bills Payable General Reserve Capitals: A B	200,000 (10,000) 500,000 380,000	70,000 190,000 220,000 120,000 300,000 400,000 1,300,000 120,000 180,000 120,000 880,000 1,300,000

On 1^st April 2020 they decided to admit C into partnership giving him 1/5^th share.

He brings in OMR 350,000 as his share of capital and OMR 250,000 as his goodwill. The partners decided to revalue the assets as follows

1. Land was to be appreciated by 10% and Buildings was to be depreciated by OMR 80,000
2. Furniture value was to be reduced by OMR 40,000
3. Provision for bad debts is to be increased to OMR 11000

Required:

(a) You are required to show all the ledger accounts necessary to record the revaluation.

(b) Draw up a balance sheet as at 1 April 2020