J, H and K were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2015, their Balance Sheet was as follows: On the above date, H retired and J and K agreed to continue the business on the following terms: (i) Goodwill of the firm was valued at ₹ 1,02,000. (ii) There was a claim of ₹ 8,000 for workmen’s compensation. (iii) Provision for bad debts was to be reduced by ₹ 2,000. (iv) H will be paid ₹ 14,000 in cash and balance will be transferred in his Loan Account which will be paid in four equal yearly installments together with interest @ 10% p.a. (v) The new profit-sharing ratio between J and K will be 3 : 2 and their capitals will be in their new profit-sharing ratio. The capital adjustments will be done by opening Current Accounts. Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet of the new firm.

J, H and K were partners in a firm sharing profits in the ratio of 5 :

1.	J, H and K were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2015, their Balance Sheet was as follows: On the above date, H retired and J and K agreed to continue the business on the following terms: (i) Goodwill of the firm was valued at ₹ 1,02,000. (ii) There was a claim of ₹ 8,000 for workmen’s compensation. (iii) Provision for bad debts was to be reduced by ₹ 2,000. (iv) H will be paid ₹ 14,000 in cash and balance will be transferred in his Loan Account which will be paid in four equal yearly installments together with interest @ 10% p.a. (v) The new profit-sharing ratio between J and K will be 3 : 2 and their capitals will be in their new profit-sharing ratio. The capital adjustments will be done by opening Current Accounts. Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet of the new firm.
Answer» by opening Current Accounts.Prepare REVALUATION Account, PARTNERS Capital Accounts and Balance Sheet of the NEW firm.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️

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