Chabi and Tanya were partners sharing Profit and Losses in 3 : 2 with affect from 1st April 2021, they decided to share future profits equally.Answer the following questions:i. On that date, following journal entry was passed by the firm:Which of the following balance was existing in the books of the firm on the date of reconstitution?(a) Contingency Reserve ₹ 3,00,000(b) Profit and Loss (Dr.) Balance ₹ 3,00,000 (c) Profit and Loss (Cr.) Balance ₹ 3,00,000 (d) Advertisement Suspense Account ₹ 2,00,000ii. On that date, following journal entry was passed by the firm:Which of the following balance was existing in the books of the firm on the date of reconstitution?a) Contingency Reserve ₹ 3,00,000b) Goodwill ₹ 3,00,000 c) Profit and Loss (Cr.) Balance ₹ 3,00,000 d) Advertisement Suspense Account ₹ 2,00,000iii. On that date, following journal entry was passed by the firm:Which of the following balance was existing in the books of the firm on the date of reconstitution?a. Contingency Reserve ₹ 3,00,000 b. Gain on Revaluation ₹3,00,000 c. Profit and Loss (Cr.) Balance ₹ 3,00,000 d. Advertisement Suspense Account ₹ 2,00,000iv. Tanya is a ___________. a) New partner b) Sacrificing partner c) Gaining partner d) Neither gaining nor sacrificing