M and N were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet on 31st March, 2015 was as follows: On the above date, O was admitted as a new partner and it was decided that: (i) The new profit-sharing ratio between L, M, N and O will be 2 : 2 : 1 : 1. (ii) Goodwill of the firm was valued at ₹ 1,80,000 and O brought his share of goodwill premium in cash. (iii) The market value of investments was ₹ 36,000. (iv) Machinery will be reduced to ₹ 58,000. (v) A creditor of ₹ 6,000 was not likely to claim the amount and hence was to be written off. (vi) O will bring proportionate capital so as to give him 1/6th share in the profits of the firm. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the new firm.

M and N were partners in a firm sharing profits in the ratio of 3 : 2

1.	M and N were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet on 31st March, 2015 was as follows: On the above date, O was admitted as a new partner and it was decided that: (i) The new profit-sharing ratio between L, M, N and O will be 2 : 2 : 1 : 1. (ii) Goodwill of the firm was valued at ₹ 1,80,000 and O brought his share of goodwill premium in cash. (iii) The market value of investments was ₹ 36,000. (iv) Machinery will be reduced to ₹ 58,000. (v) A creditor of ₹ 6,000 was not likely to claim the amount and hence was to be written off. (vi) O will bring proportionate capital so as to give him 1/6th share in the profits of the firm. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the new firm.
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