Read the following hypothetical text and answer the given questions on the basis of the same:Jacob and Joseph are friends and they are doing manufacturing toys car. Their profitsharing ratio was 3:2. They got a new project of making electronic toys and they needed additional fund for doing that project. So, they decided to admit their common friend, James for raising the additional fund and he brought ₹5, 00,000 as capital for 2/7th share. The goodwill of the firm is valued at ₹14, 00,000.At the time of James admission their balance sheet as follows:At the time of revaluation of assets and reassessment of liabilities the following things was found: a) Provision for bad and doubtful debts should be increased to ₹3,000 Unexpired insurance of ₹1, 500 should be brought into record1. What will be the amount of premium or goodwill is credited to Joseph’s A/ca)4,00,000 b) 2,40,000 c)1,60,000 d)7,00,000 2. What will be the correct journal entry for unexpired insurance brought into record? a) Unexpired Insurance A/c Dr 1500 To Revaluation A/c 1500 b) Revaluation A/c Dr 1500 To Unexpired Insurance A/c 1500 c) Revaluation A/c Dr 1500 To Insurance 1500 d) Insurance A/c Dr 1500 To Revaluation A/c 1500 3. What is the treatment of Provision for doubtful debts at the time of James admission?a) ₹3000 debited to Revaluation A/c b) ₹2000 debited to Revaluation A/c c)₹1000 debited to Revaluation A/c d)₹4000 debited to Revaluation A/c4. What will be the new ratio between Jacob, Joseph and James a) 3:2:2 b) 1:1:1 c) 5:3:2 d) 15:10:5