A and B are partners in a firm. Their balance sheet as at 31 st March, 2022 was as follows :LiabilitiesProvision for Doubtful Debts 4,000 Cash 10,000Workmen Compensation Reserve 5,600 Sundry Debtors 80,000Outstanding Expenses 3,000 Stock 20,000Creditors 30,000 Fixed Assets 38,600Capitals: A 50,000 Profit & Loss A/c 4,000B 60,0001,52,600C was taken into partnership as from 1st April, 2022. C brought 40,000 as his capital but he isunable to bring any amount for goodwill. New profit sharing ratio is 3:2:1. Following terms wereagreed upon :1,52,6001. Claim on account of Workmens Compensation is 3,000.2. To write off Bad Debts amounting to 6,000.3. Creditors are to be paid 2,000 more.4. 2,000 be provided for an unforeseen liability.5. Outstanding expenses be brought down to 1,200.6. Goodwill is valued at years purchase of the average profits of last threeyears. Profits of 3 years amounted to 8,000; 10,000 and 18,000. Prepare Journal entries, capital accounts and opening Balance Sheet.