(a) P and Q have been carrying on the business in the name of Bharat Springs in partnership sharing profit and losses in the ratio of 2:3. Their Balance Sheet as on 31st March, 2024 has been as follows: Liabilities(₹)Assets(₹) Capital Accounts:Building85,000 P80,000Plant55,000 Q1,60,000Furniture26,700 General Reserve50,000Debtors48,000 Creditors57,800Bills Receivable11,600 Bills Payable16,500Stock54,800 Bank83,200 3,64,3003,64,300 On 1st April, 2024, they have decided to admit R into the partnership giving him a 1/5th share in future profits on the following terms: (i) R will bring ₹80,000 as his share of capital but is unable to bring in cash for his share of goodwill. It was decided to calculate goodwill of the firm based on R's share in the profits and the capital contribution made by him to the firm. (ii) Partners will not withdraw their share of goodwill nor will the goodwill appear in the books of account. (iii) General Reserve will be transferred to the Partners' Capital Accounts. (iv) Provision for doubtful debts is to be made on debtors @ 2%. (v) A liability of creditors of ₹ 1,440 is to be written back as no longer payable. (vi) Stock shall be written down by 10%. (vii) Building is to be revalued at ₹ 1,00,000/-, Plant at ₹ 60,000/- and Furniture at 24,000/-. (viii)Partners agreed that the values of the assets and liabilities will remain the same and, as such, there should not be any change in their book value because of above-mentioned adjustments. They also agreed that for the purpose of goodwill computation, any effect of revaluation shall be ignored. You are required to make : (1) Memorandum Revaluation Account (2) Capital Accounts of the partners (3) Balance Sheet of the New Firm

(b) Following is the Receipts and Payments Account of Smart Club for the year ended on 31st March, 2025: ReceiptsAmount (₹)PaymentsAmount (₹) To Balance b/d2,50,000By Salaries and Wages1,65,000 To Subscription4,20,000By Office Expenses35,000 To Donation for Match Fund55,000By Telephone Charges28,000 To Sale of Match tickets20,000By Match Expenses1,10,000 To Entrance Fees85,000By Electricity Charges32,000 By Sports Equipment2,50,000 By travelling and Conveyance65,000 By Balance c/d1,45,000 8,30,0008,30,000 Additional Information: (i) The subscriptions include ₹40,000/- received for the year ended on 31st March, 2024. On 31st March, 2025 subscriptions due but not received were ₹25,000/-. Advance subscription received for the year ending on 31st March, 2025 but pertaining to year 2025-2026 amounted to ₹35,000/-. The subscriptions received in advance for the year ended 31st March, 2024 includes ₹14,000/-pertaining to the year 2024-25. (ii) Opening Balance of Match Fund on 1st April, 2024 is ₹30,000/-. (iii) Outstanding Salaries and Wages are ₹ 40,000/- for the year ended on 31st March, 2025. (iv) Depreciate Sports Equipment by 25% for the year ended on 31st March, 2025. (v) Capitalize 50% of the Entrance Fees. Prepare Income and Expenditure Account of the Club from the above particulars for the year ended on 31st March, 2025 and Balance Sheet as on that date.