Following is the Balance Sheet of Abhay and Binary as on 31st March, 2014 : LiabilitiesAmount AssetsAmount(Rs)(Rs)Creditors13,000Bank15,000Employees Provident Fund8,000Debtors22,000Workmen's Compensation Fund15,000Less : Provision forCapitals :Doubtful Debts1,000––––––21,000Abhay55,000Stock10,000Binay30,000––––––––85,000Plant and Machinery60,000Goodwill10,000Profit and Loss5,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,21,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,21,000 Chitra was admitted as a partner for 1/4th share in the profits of the firm, it was decided that : (a) Bad debts amounted to Rs 1,500 will be written off. (b) Stock worth Rs 8,000 was taken over by Abhay and Binay at book value in their profit sharing ratio. The remaining stock was valued at Rs 2,500. (c) Plant and Machinery and goodwill were valued at Rs 32,000 and Rs 20,000 respectively. (d) Chitra brought her share of goodwill in cash. (e) Chitra will bring proportionate capital and the capital of Abhay and Binay will be adjusted in their profit sharing ratio by bringing in or paying off cash as the case may be. Prepare Revaluation Account, Partner's Capital Accounts and show the working. OR Lalit, Madhur and Neena were partners sharing profits as 50%, 30% and 20% respectively. On March 31st, 2013 their Balance Sheet was as follows : LiabilitiesAmount AssetsAmount(Rs)(Rs)Creditors28,000Cash34,000Employees Provident Fund10,000Debtors47,000Investment Fluctuation Fund10,000Less : Provision forCapitals :Doubtful Debts3,000––––––44,000Lalit50,000Stock15,000Madhur40,000Ivestment40,000Neena25,000––––––––1,15,000Goodwill20,000Profit and Loss10,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,63,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,63,000 On this date, Madhu retired. Lalit and Neena greed to continue on the following terms: (a) The goodwill of the firm was valued at Rs 51,000. (b) There was a claim for workmen's compensation to the extent of Rs 6,000. (c) Investments were brought down to Rs 15,000. (d) Provision for bad debts was reduced by Rs 1,000. (e) Madhur was paid Rs 10,300 in cash and the balance was transferred to his loan account payable in two equal instalments together with interest 12% p.a. Prepare Revaluation Account, Partner's Capital Accounts and Madhur's Loan Account till the loan is finally paid off.