Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f. 1st April, 2019. The extract of their Balance Sheet as at 31st March, 2019 is as follows:Liabilities₹Assets₹Investments Fluctuation60,000Investments (At Cost)4,00,000Answer the following questions:i. On that date, following journal entry was passed by the firm:DateParticularsDebit(₹)Credit(₹)April 2019Investment Fluctuation Reserve A/c Dr.60,000To Nitin’s Capital A/c20,000To Tarun’s Capital A/c20,000To Amar’s Capital A/c20,000Which of the following adjustment was existing in the books of the firm on the date of reconstitution? (a) When its Market Value is not given (b) When its Market Value is ₹ 3,10,000 (c) When its Market Value is ₹ 4,24,000 (d) When its Market Value is ₹ 3,70,000ii. On that date, following journal entry was passed by the firm:DateParticularsDebit(₹)Credit(₹)April 2019Investment Fluctuation Reserve A/c Dr.60,000To Investment A/c30,000To Nitin’s Capital A/c10,000To Tarun’s Capital A/c10,000To Amar’s Capital A/c10,000Which of the following adjustment was existing in the books of the firm on the date of reconstitution?(a) When its Market Value is ₹ 4,00,000 (b) When its Market Value is ₹ 4,24,000(c) When its Market Value is ₹ 3,70,000 (d) When its Market Value is ₹ 3,10,000iii. On that date, following journal entry was passed by the firm:DateParticularsDebit(₹)Credit(₹)April 2019Investment Fluctuation Reserve A/c Dr.60,000Revaluation A/c Dr.30,000To Investment A/c90,000Which of the following adjustment was existing in the books of the firm on the date of reconstitution?(a) When its Market Value is not given (b) When its Market Value is ₹ 3,10,000 (c) When its Market Value is ₹ 4,24,000 (d) When its Market Value is ₹ 3,70,000iv. On that date, following journal entry was passed by the firm:DateParticularsDebit(₹)Credit(₹)April 2019Investment A/c Dr.24,000To Revaluation A/c24,000Which of the following adjustment was existing in the books of the firm on the date of reconstitution? (a) When its Market Value is not given (b) When its Market Value is ₹ 3,10,000 (c) When its Market Value is ₹ 4,24,000 (d) When its Market Value is ₹ 3,70,000