Alok, Sameer and Tushar were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1st April, 2024, they decided to share future profits and losses in the ratio of 3 : 2 : 4. Their Balance Sheet as at 31st March, 2024 showed the following:
(i) Advertisement Suspense Account \u20b9 90,000.
(ii) Credit Balance of \u20b9 2,70,000 in Profit and Loss Account.
Goodwill of the firm was valued at \u20b9 4,50,000 and revaluation of assets and liabilities resulted in a loss of \u20b9 1,80,000.
Partners did not want to distribute the amount of Advertisement Suspense Account and the Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books.
Pass a single adjustment entry to give effect to the above. Also show your workings clearly.