(a) A, B and C are partners sharing profits & losses in the ratio of 3:2:1. The following is the Balance Sheet of their firm M/s ABC Trading Corporation as on 31 March, 2024: LiabilitiesAmount (₹)AssetsAmount (₹) Capital Accounts:Land & Building2,40,000 A2,80,000Machinery1,50,000 B1,90,000Furniture & Fixtures1,05,000 C1,50,000Trade Receivables1,55,200 General Reserve1,35,000Less: Provision for Doubtful debts5,700 Trade Payables97,4001,49,500 Stock85,600 Joint Life Policy90,000 Cash & Bank32,300 8,52,4008,52,400 C died on 30th June, 2024. As per Partnership deed the following arrangement was to be put into effect: i. Goodwill of firm was to be valued at 2 years' purchase of average profit of four years to 31 March preceding the death of partner. The profits were as under: 31st March, 2021 ₹ 1,14,000 31st March, 2022 ₹ 1,22,000 31st March, 2023 ₹ 1,19,000 31st March, 2024 ₹ 1,25,000 Goodwill Account will not be opened in the books of accounts and C was to be credited with his share. The new profit-sharing ratio of A and B will be 5:3. ii. Profit till the date of death to be ascertained on the basis of average profit of previous four years and share of C was to be credited to his capital account. iii. Assets were to be revalued: Land & Building was appreciated by 15%, Machinery to be depreciated by 5%, Furniture & Fixtures to be revalued at ₹ 1,00,000 and the value of Stock to be taken at ₹90,000. iv. Provision for doubtful debts to be increased by ₹ 1,800. v. A sum of ₹2,40,000 was received from insurance company against Joint Life Policy. vi. Amount due to C was paid to the executors. You are required to prepare Revaluation Account, Partners Capital Accounts and Balance Sheet as on 30th June, 2024, along with necessary workings.

(b) Following are the details of Assets and Liabilities of Mr. Sarthak for the year ended 31st March, 2023 and 31 March, 2024: 31st March, 2023 (₹)31st March,2023(*) (₹) Assets: Building2,00,000? Furniture75,000? Inventory1,05,0001,95,000 Sundry Debtors68,00094,000 Cash at Bank72,50086,800 Cash in hand2,4003,800 Liabilities: Loans1,50,0001,25,000 Sundry Creditors58,40079,500 It was decided to depreciate Building by 5% p.a. and Furniture by 10% p.a. On 1st June, 2023 an additional capital of ₹ 40,000 was brought in the business. Proprietor has withdrawn @ ₹2,500 p.m. for meeting the family expenses. Prepare Statement of Affairs as on 31stMarch, 2023 and 31st March, 2024. Find the profit or loss earned by Mr. Sarthak for the year ended 31stMarch, 2024.