Answer based on following information

Azad and Babli are partners in a firm sharing profits and losses in the ratio of 2 : 1 Chintan is admitted into the firm with 1/4 share in profits. Chintan will bring in 30,000 as his capital and the capitals of Azad and Babli are to be adjusted in the profit sharing ratio. The Balance sheet of Azad and Babli as on December 31, 2016 (before Chintan's admission) was as follows:

It was agreed that:

(i) Chintan will bring in ₹12,000 as his share of goodwill premium.

(ii) Buildings were valued at ₹45,000, and Machinery at ₹23,000.

(iii) A provision for doubtful debts is to be created at 6% on debtors.

(iv) The capital accounts of Azad and Babli are to be adjusted by opening current accounts.

State the amount of Azad's share in Revaluation gain.

₹1,680

The correct answer is Option (1) → 1,680

Building (Cr.)             5000
Machinery (Dr.)          2000
Provision (Dr.)            480 ($\frac{6}{100} \times 8000$)

Revaluation profit         2520

Azad = $2520 \times \frac{2}{3}$ 

= ₹ 1680