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The Balance Sheet of X, Y and Z who shared profits in the ratio of 5 : 3 : 2 as on 31st March, 2018 was as follows: Y retired on the above date and it was agreed that: (i) Goodwill of the firm is valued at ₹ 1,12,500 and Y’s share of it be adjusted into the accounts of X and Z who are going to share future profits in the ratio of 3 : 2. (ii) Fixed Assets be appreciated by 20%. (iii) Stock be reduced to ₹ 75,000. (iv) Y be paid amount brought in by X and Z in such a way as to make their capitals proportionate to their new profit-sharing ratio. Prepare Revaluation Account, Capital Accounts of all partners and the Balance Sheet of the New Firm. |
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Answer» s in Rs 40,500 (2,20,500 – 1,80,000) Z BRINGS in Rs 93,000 (1,47,500 – 54,000)Explanation:NEW CAPITAL = 1,80,000 + 54,000 + 1,33,500 = Rs 3,67,500 X's New Capital=3,67,500×=2,20,500Z's New Capital=3,67,500×=1,47,500 X brings in Rs 40,500 (2,20,500 – 1,80,000) Z brings in Rs 93,000 (1,47,500 – 54,000) |
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