A and B are partners sharing profits in the ratio of 3 : 2. They admit C as a new partner from 1st April, 2018. They have decided to share future profits in the ratio of 4 : 3 : 3. The Balance Sheet as at 31st March, 2018 is given below: Terms of C’s admission are as follows: (i) C contributes proportionate capital and 60% of his share of goodwill in cash. (ii) Goodwill is to be valued at 2 years purchase of super profit of last three completed years. Profits for the years ended 31st March were: 2016 – ₹ 4,80,000; 2017 – ₹ 9,30,000; 2018 – ₹ 13,80,000. The normal profit is ₹ 5, 30,000 with same amount of capital invested in similar industry. (iii) Land and Building was found undervalued by ₹ 1,00,000. (iv) Stock was found undervalued by ₹ 31,000. (v) Provision for Doubtful Debts is to be made equal to 5% of the debtors. (vi) Claim on account of Workmen Compensation is ₹ 11,000. Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet.

A and B are partners sharing profits in the ratio of 3 : 2. They admit

1.	A and B are partners sharing profits in the ratio of 3 : 2. They admit C as a new partner from 1st April, 2018. They have decided to share future profits in the ratio of 4 : 3 : 3. The Balance Sheet as at 31st March, 2018 is given below: Terms of C’s admission are as follows: (i) C contributes proportionate capital and 60% of his share of goodwill in cash. (ii) Goodwill is to be valued at 2 years purchase of super profit of last three completed years. Profits for the years ended 31st March were: 2016 – ₹ 4,80,000; 2017 – ₹ 9,30,000; 2018 – ₹ 13,80,000. The normal profit is ₹ 5, 30,000 with same amount of capital invested in similar industry. (iii) Land and Building was found undervalued by ₹ 1,00,000. (iv) Stock was found undervalued by ₹ 31,000. (v) Provision for Doubtful Debts is to be made equal to 5% of the debtors. (vi) Claim on account of Workmen Compensation is ₹ 11,000. Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet.
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