DIRECTION : READ THE FOLLOWING CASE STUDY AND ANSWER THE QUESTIONS 1 TO 4 ON THE BASIS OF THE SAME.On 31st March, 2019 the Balance Sheet of Madan and Mohan who share profits and losses in the ratio of 3:2 was as follows:They decided to admit Gopal on 1st April, 2019 for 1/5th share which Gopal acquired wholly from Mohan on the following terms :(i) Gopal shall bring ₹ 10,000 as his share of premium for Goodwill. (ii) A debtor whose dues of ₹ 3,000 were written off as bad debt paid ₹ 2,000 in full settlement. (iii) A Claim of ₹ 5,000 on account of workmen’s compensation was to be provided for. (iv) Patents were undervalued by ₹ 2,000. Stock in the books was valued 10% more than its market value. (v) Gopal was to bring in capital equal to 2(1) What is Madan’s Share of profit/loss on revaluation? (a) profit ₹ 2,400 (b) ₹ 1,600 loss (c) loss ₹ 2,400 (d) profit ₹1,6002) What is the scarifying ratio of Madan and Mohan (a) 3:2 (b) 2:3 (c) 0:1 (d) 1:2 3) What is the cash balance available after the admission of Gopal (a) Rs,. 45,000 (b) ₹ 54,000 (c) ₹ 24,200 (d) ₹45,200 4) What is the closing capital of Mohan. (a) ₹63,600 (b) ₹52,400 (c) ₹ 23,200 (d) ₹ 51,000