7) Ahmed and Ali are partners sharing profit and loss in the ratio of 3:2. Their Balance Sheet as on 31st March 2005 is as under: Amount 48,000 50,000 Liabilities Sundry Creditors Bills Payable Capital: Ahmed 90,000 75,000 Profits & Loss A/C Balance sheet Assets Land & Buildings Plant & Machinery Stock Sundry Debtors 15,000 Less: provision for doubtful debts 1,000 Cash Goodwill Amount 120,000 90,000 33,000 Ali 165,000 30,000 14,000 6,000 30,000 293,000 293,000 They decided to admit Muna into the partnership with effect from 1st April 2005 on the following terms: a) Muna to bring in R.O 60,000 as Capital for 1/3rd share of profits but he was unable to bring his share of goodwill. b) Goodwill was valued at R.O 45,000 c) Land was valued at R.O 150,000 d) Stock was to be written down by R.O 8,000 e) The provision for doubtful debts was to be increased to R.O 3,000 f) Creditor includes R.O 5,000 no longer payable and this sum was to be written off. g) Investments of R.O 10,000 are brought into books. Required: Prepare Revaluation A/C, Capital A/c and Balance Sheet of th