Parth, Raman and Zaisha are partners in a firm manufacturing furniture. They have been sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2017 they decided to share future profits and losses in the ratio of 2 : 5 : 3. Their Balance Sheet showed a debit balance of Rs. 4,000 in Profit & Loss Account, balance of Rs. 36,000 in General Reserve and a Balance of Rs. 12,000 in Workmen's Compensation Reserve. It was agreed that -
(i) The goodwill of the firm be valued at Rs. 76,000.
(ii) The Stock (book value of Rs. 40,000) was to be depreciated by 8%
(iii) Creditors amounting to Rs. 900 were not likely to be claimed.
(iv) Claim on account of Workmen's Compensation amounted to Rs. 20,000
(v) INvestments (book value Rs. 38,000) were revalued at Rs. 40,000.
Pass necessary Jouranl entries for the above.

Explanation