Vidit, Vinay and Siya were partners in a firm. On 31st March,2021, their Balance Sheet was as follows:
Balance Sheet of Vidit, Vinay and Siya as at 31st March, 2021
| Liabilities | Amount ₹ |
Assets | Amount ₹ |
|---|---|---|---|
| Creditors | 72,000 | Cash | 28,000 |
| Bank’s Loan | 18,000 | Stock | 46,000 |
| General Reserve | 18,000 | Debtors | 34,000 |
| Capitals: | Building | 30,000 | |
| Vidit 48,000 | Plant & Machinery A/c | 66,000 | |
| Vinay 16,000 | |||
| Siya 32,000 | 96,000 | ||
| 2,04,000 | 2,04,000 |
On the above date, Vinay retired and it was agreed that:
(i) The value of stock will be reduced by ₹10,000.
(ii) Plant and Machinery will be valued at ₹80,000.
(iii) An amount of ₹4,500 included in creditors is not likely to be claimed.
(iv) Debtors to be valued at ₹30,000.
(v) Amount due to Vinay will be transferred to Vinay’s Loan Account.
Prepare Revaluation Account and Vinay’s Capital Account.
Marks-5, CBSE:2021-22/Term-2/Zone-2/Set-1/Q-7*