At the time of admission of partner Suresh, assets and liabilities

48 :- At the time of admission of partner Suresh, assets and liabilities of Ramesh and Naresh were revalued as follows:
(a) Provision for doubtful debts @10% was made on sundry debtors (sundry debtors = Rs 50,000)
(b) Creditors were written back by Rs 5,000
(c) Building was appreciated by 20% (book value of bulding Rs 2,00,000)
(d) Unrecorded investments were valued at Rs 15,000
(e) A provision of Rs 2,000 was made for an outstanding bill for repairs.
(f) Unrecorded liability towards suppliers was Rs 3,000
Pass necessary journal entries.

Solution :-