On 31st March 2022 a firm had ₹1,50,000 debtors and balance of ₹3,000 in provision for bad debts account. On the above date it admitted a new partner. It was decided to write off ₹2000 as bad debts and maintain a provision of 5% for bad and doubtful debts on debtors. By which of the following amounts the revaluation account will be debited for maintaining the provision for bad and doubtful debts at 5% of debtors?
1
₹6400
2
₹7500
3
₹7400
4
₹8400