Ashish, Aakash and Amit are partners sharing profits and losses equally. The Balance Sheet as at 31st March, 2019 was as follows:

Sundry Creditors75,000Cash in Hand24,000
General Reserve90,000Cash at Bank1,40,000
Capital A/c : Sundry Debtors80,000
  Ashish – 3,00,000 Stock1,40,000
  Aakash – 3,00,000 Land and Building4,00,000
  Amit – 2,75,0008,75,000Machinery2,50,000
   Advertisement Suspense6,000
  10,40,000  10,40,000

 The partners decided to share profits in the ratio of 2 : 2 : 1 w.e.f. 1st April, 2019. They also decided that:
(i) Value of stock to be reduced to Rs. 1,25,000.
(ii) Value of machinery to be decreased by 10%.
(iii) Land and Building to be appreciated by Rs. 62,000.
(iv) Provision for Doubtful Debts to be made @ 5% on Sundry Debtors.
(v) Aakash was to carry out reconstitution of the firm at a remuneration of Rs. 10,000. 
Pass necessary Journal entries to give effect to the above


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