A and B are partners in a firm sharing profits in the ratio of 3: 2. Their balance sheet as at 313 C is admitted into the partnership giving him 1/5th share in the profits. C is to bring in 30,000 as bisa(iv) There was a claim against the firm for damages amounting to * 2,000. The claim has now been aRTANIllustration 1follows:Liabilities₹AssetsCreditors24,000 CashGeneral reserve18,000 DebtorsProfit and loss account8,000 Less : ProvisionCapital accounts :StockA40,000 PatentB35,000 Building1,25,000and his share of goodwill in cash subject to the following terms :(i) Goodwill of the firm to be valued at 50,000.(ii) Stock to be reduced by 10% and provision for bad debts to be reduced by * 2,400.(iii) Patents are valueless.48,0004,800SoluAveragValueOldNewSacrPrepare Revaluation Account and Partners' Capital Account.SolutionDr.Revaluation AccountParticularsAmount₹ParticularsAm

A and B are partners in a firm sharing profits in the ratio of 3: 2. T

1.	A and B are partners in a firm sharing profits in the ratio of 3: 2. Their balance sheet as at 313 C is admitted into the partnership giving him 1/5th share in the profits. C is to bring in 30,000 as bisa(iv) There was a claim against the firm for damages amounting to * 2,000. The claim has now been aRTANIllustration 1follows:Liabilities₹AssetsCreditors24,000 CashGeneral reserve18,000 DebtorsProfit and loss account8,000 Less : ProvisionCapital accounts :StockA40,000 PatentB35,000 Building1,25,000and his share of goodwill in cash subject to the following terms :(i) Goodwill of the firm to be valued at 50,000.(ii) Stock to be reduced by 10% and provision for bad debts to be reduced by * 2,400.(iii) Patents are valueless.48,0004,800SoluAveragValueOldNewSacrPrepare Revaluation Account and Partners' Capital Account.SolutionDr.Revaluation AccountParticularsAmount₹ParticularsAm
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