Suhani and Sonia who share profits in the ratio of 3:2 with capitals of Rs 30,000 & Rs 20,000 respectively. On that date, Keshav is admitted into the partnership. Keshav is to bring in Rs. 10,000 as capital and Rs. 5,000 as a premium for goodwill for 1/6 share. Furniture having book value of Rs 10,000 is revalued at Rs. 15,000 & Investment worth Rs. 5,000 (not mentioned on the balance sheet) is to be taken into account. A creditor of Rs. 2,000 is not likely to claim his money and is to be written off. What is the revaluation profit /loss?

Suhani and Sonia who share profits in the ratio of 3:2 with capitals o

1.	Suhani and Sonia who share profits in the ratio of 3:2 with capitals of Rs 30,000 & Rs 20,000 respectively. On that date, Keshav is admitted into the partnership. Keshav is to bring in Rs. 10,000 as capital and Rs. 5,000 as a premium for goodwill for 1/6 share. Furniture having book value of Rs 10,000 is revalued at Rs. 15,000 & Investment worth Rs. 5,000 (not mentioned on the balance sheet) is to be taken into account. A creditor of Rs. 2,000 is not likely to claim his money and is to be written off. What is the revaluation profit /loss?
Answer» Suhani and Sonia who share profits in the ratio of 3:2 with capitals of Rs 30,000 & Rs 20,000 respectively. On that date, Keshav is admitted into the partnership. Keshav is to bring in Rs. 10,000 as capital and Rs. 5,000 as a premium for goodwill for 1/6 share. Furniture having book value of Rs 10,000 is revalued at Rs. 15,000 & Investment worth Rs. 5,000 (not mentioned on the balance sheet) is to be taken into account. A creditor of Rs. 2,000 is not likely to claim his money and is to be written off. What is the revaluation profit /loss?

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