Shubhi and Revanshi were partners in a firm sharing profits and losses in the ratio of 3:2.
Their Balance Sheet as at 31st March, 2023 was as follows:
Balance Sheet of Shubhi and Revanshi as at 31st March, 2023
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | |
|---|---|---|---|---|
| Capitals: Shubhi Revanshi General Reserve Bank Loan Creditors |
60,000 32,000 |
92,000 30,000 18,000 70,000 |
Fixed Assets Stock Debtors Cash |
90,000 38,000 30,000 52,000 |
| Total | 2,10,000 | Total | 2,10,000 | |
On 1st April, 2023 they admitted Pari into the partnership on the following terms:
(i) Pari will bring Rs. 50,000 as her capital and Rs. 50,000 for her share of premium for goodwill for 1/4th share in the profits of the firm.
(ii) Fixed assets were depreciated @ 30%.
(iii) Stock was valued at Rs. 45,000.
(iv) Bank loan was paid off.
(v) After all adjustments capitals of Shubhi and Revanshi were to be adjusted taking Pari’s capital as the base. Actual cash was to be paid off or brought in by the old partners as the case may be.
Prepare Revaluation Account and Partners’ Capital Accounts.
Marks-6, CBSE: 2023-24/Zone-1/Set-1/Q-26
Answer :
