Following information use in Question NO.5& 6 The following is the information extracted from M/s. Jamil LLC, which is run by partners A, B and C and sharing profits 3:2:1 as on 31.3.2020. Name of Accounts Cash Sundry Debtors Stock Machinery Land Furniture Premises Building Plant Bill Receivable OMR Name of Accounts 63,000 Bank Loan 98,000 Bonds 35,000 Bills Payable 56,000 Sundry Creditors 98,000 Bank Overdraft 35,000 General Reserve 56,000 Profit & Loss A/C 140,000 A Capital Account 84,000 B Capital Account 35,000 C Capital Account OMR 56,000 70,000 112,000 140,000 35,000 70,000 35,000 84,000 56,000 42,000 On 1.4.2020 they decided to admit D into the partnership for 1/5th of the future profits with the terms that D shall bring in a capital of OMR 70,000 and on that day Goodwill of the firm is being valued at OMR 56,000. The various assets of the firm such as Machinery, Land, Buildings and Plant are to be appreciated by 10% and Stock, Furniture, Premises are to be depreciated by 5%. Provision for Doubtful Debts to be created against Sundry Debtors @ 5% and Discount received from Sundry Creditors @ 2.5%. Further Provision for outstanding liability is to be created at OMR 5,600 and Bank Loan is to be maintained in the reconstituted books of accounts. Q5. Journalize the above transactions with narrations and prepare the Revaluation Account. Give your comment with reasons about the values which are debited and credited in the Revaluation Account (2+2+1 = 5 Marks) Q6. Prepare Partners' Capital Accounts and Balance Sheet of the reconstituted partnership firm. Give your views about the changes in the balance sheet after reconstitution. (2+2+1 = 5 Marks)