Anshu and Vihu 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 Anshu and Vihu as at 31st March, 2023
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Creditors General Reserve Investment Fluctuation Fund Capitals : Anshu 1,44,000 Vihu 80,000 |
80,000 | Cash | 40,000 |
| 50,000 | Debtors 36,000 | ||
| 10,000 | Less Provision for Doubtful debts 2,000 |
34,000 |
|
| Stock | 30,000 | ||
| Investments | 40,000 | ||
| 2,24,000 | Plant and Machinery | 2,20,000 | |
| 3,64,000 | 3,64,000 |
On 1st April, 2023, Mani was admitted into partnership for 1/5th share in the profits of the firm on the following terms :
(i) Mani brought ₹ 20,000 as her share of goodwill and proportionate capital.
(ii) Provision for doubtful debts was to be maintained at 10% on debtors.
(iii) Market value of investments was ₹ 35,000.
(iv) The value of Plant and Machinery be increased by ₹ 6,600.
Prepare Revaluation Account and Partners’ Capital Accounts.
Marks-6, CBSE: 2023-24/Compartment/Set-1/Q-26a*
Answer :
