Q28.X, Y and Z are partners in a firm sharing profits and losses as 5 : 4 : 3. Their Balance Sheet as at 31st March, 2019 was:

From 1st April, 2019, they agree to alter their profit-sharing ratio as 4 : 3 : 2. It is also decided that:

a

Furniture be taken at 80% of its value.

b

Stock be appreciated by 20%.

c

Plant and Machinery be valued at 4,00,000.

d

Outstanding Expenses be increased by 13,000.

Partners agreed that altered values are not to be recorded in the books and they also do not want to distribute the General Reserve. You are required to pass a single Journal entry to give effect to the above. Also, prepare Balance Sheet of the new firm.