Following is the Balance Sheet of X and Y as at 31st March, 2018. Z is admitted as a partner on that date when the position of X and Y was: X and Y share profits in the proportion of 3 : 2. The following terms of admission are agreed upon: (a) Revaluation of assets: Building ₹ 18,000; Stock ₹ 16,000. (b) The liability on Workmen Compensation Reserve is determined at ₹ 2,000. (c) Z brought as his share of goodwill ₹ 10,000 in cash. (d) Z was to bring in further cash as would make his capital equal to 20% of the combined capital of X and after above revaluation and adjustments are carried out. (e) The further profit-sharing proportions were: X – 2/5th, Y – 2/5th and Z – 1/5th. Prepare new Balance Sheet of the firm and Capital Accounts of the Partners.

Following is the Balance Sheet of X and Y as at 31st March, 2018. Z is

1.	Following is the Balance Sheet of X and Y as at 31st March, 2018. Z is admitted as a partner on that date when the position of X and Y was: X and Y share profits in the proportion of 3 : 2. The following terms of admission are agreed upon: (a) Revaluation of assets: Building ₹ 18,000; Stock ₹ 16,000. (b) The liability on Workmen Compensation Reserve is determined at ₹ 2,000. (c) Z brought as his share of goodwill ₹ 10,000 in cash. (d) Z was to bring in further cash as would make his capital equal to 20% of the combined capital of X and after above revaluation and adjustments are carried out. (e) The further profit-sharing proportions were: X – 2/5th, Y – 2/5th and Z – 1/5th. Prepare new Balance Sheet of the firm and Capital Accounts of the Partners.
Answer» A balance sheet is a FINANCIAL statement that reports a COMPANY's ASSETS, liabilities and shareholders' equity at a SPECIFIC point in TIME, and provides a basis for computing rates of return and evaluating its capital structure.Revaluation of assets: Building ₹ 18,000; Stock ₹ 16,000.

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