(a) Anu and Manu are carrying on business in partnership and sharing profits & losses in the ratio of 5:3. The firm's Balance Sheet as on 31st March, 2024 was as follows: Balance Sheet as on 31st March,2024 LiabilitiesAmount (₹)AssetsAmount (₹) Capital Accounts:Building3,80,000 Anu2,80,000Machinery1,43,000 Manu2,50,000Furniture85,000 Long Term Loan2,00,000Trade Receivables1,64,000 Trade Payables1,19,500Inventories48,400 Outstanding liabilities16,200Investments15,200 Cash & Bank30,100 8,65,7008,65,700 They decided to admit Ranu as a partner with effect from 1st April, 2024 on the following terms: (i) Ranu will be paid 1/5 share in the future profits and new profit sharing ratio would be 5:3:2. (ii) Ranu will bring₹ 1,00,000 as his capital. (iii) Goodwill of firms is to be valued at 2 years' purchase of average profit of past 3 years and Ranu will bring his share of goodwill in cash. The profits of past 3 years ending on 31st March were as under: 31st March, 2022 ₹87,000 31st March, 2023 ₹1,06,000 31st March, 2024 ₹1,22,000 (iv) It was also agreed that the partners will not withdraw their share of goodwill nor will the goodwill appear in the books of account. (v) It was also decided to value the assets: Building is to be appreciated by ₹ 50,000 and Machinery is to be depreciated by 10%. Furniture is revalued at ₹ 80,000. Investments at ₹ 16,000 and Inventories at ₹47,500. Provision for doubtful debts is to be created on debtors @ 5%. You are required to prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the reconstituted firm as on 1stApril, 2024.

(b) Harshit Traders are carrying on the retail business of electrical goods. They keep their books of account under single entry system. The Balance Sheet as on 31st March, 2023 was as follows: LiabilitiesAmount (₹)AssetsAmount (₹) Capital A/c6,05,000Motor Vehicle1,10,000 Trade Creditors75,200Furniture73,500 Salary payable9,000Stock in trade1,70,800 Trade Debtors1,45,400 6% Investments60,000 Cash in hand & at Bank1,29,500 6,89,2006,89,200 The summary of Cash and Bank Book for the year ended 31st March, 2024 was given as below: ReceiptsAmount (₹)PaymentsAmount (₹) Cash in hand & at Bank on 1st April,2023Cash Purchases9,48,400 1,29,500Payment to Trade Creditors75,45,000 Cash Sales10,22,400Salaries4,12,800 Receipts form Trade Debtors85,52,000Rent & taxes2,51,600 Interest on investments3,600Sundry Expenses1,38,400 Drawings2,40,000 Additional Information: (i) Gross Profit ratio of 12.5% on Sales is maintained throughout the year. (ii) During the year, discount allowed to Trade debtors was for ₹62,500 and discount received from Trade Creditors amounted to ₹35,000. (iii) As on 31st Mrch,2024. The closing balances to Trade Debtors and Trade Creditors were ₹2,20,500 and ₹ 1,05,600 respectively. (iv) On 31st March,2024 an amount of ₹ 14,800 was outstanding towards Salary. (v) Depreciation @ 10% p.a. to be charged on Motor Vehicle and Furniture. You are required to prepare Trading and Profit & Loss account for the year ended 31st March,2024 and Balance Sheet as n that date.