The balance sheet of partners Salim, Sameer and Said who were sharing profits in the ratio of 5:32 is given below as on March 319 2020 Amount (OMR) 4,00,000 3,80,000 Balance sheet As on March 319 2020 Liabilities Amount (OMR) Assets Capitals Land Salim 7.20,000 Building Sameer 4,15,000 Plant Said 3.45,000 14,80,000 Machinery Reserve Fund 1.80,000 Furniture Sundry Creditors 1.24,000 Stock Outstanding Expenses 16,000 Debtors Cash 4,65,000 77,000 1,85,000 1.72,000 1,21,000 18,00,000 18,00.000 Sameer retires on 31 March 2020 and the following adjustments are agreed upon his retirement a) Stock was valued at OMR 172,000. b) Furniture were valued at OMR 80,000. c) An amount of OMR 10,000 due from Mr.Hafid, a debtor, was doubtful and a provision for the same was required. d) Goodwill of the firm was valued at OMR 200,000 but it was decided not to show goodwill in the books of accounts. c) Sameer was paid OMR 40,000 immediately on retirement and balance was transferred to his loan account 1) Salim and Said were to share future profits in the ratio of 3:2. IBRA COLLEGE OF TECHNOLOGY You are required to prepare Revaluation Account (4 marks) ) Capital Account of partners (4 marks) Why do firm revaluate assets and reassess their liabilities on retirement (2 marks)