Question

1.5 Kushal, Kumar and Kavita were partners sharing profits in the ratio of 3:1:1. On 1st April, 2020 cheir Balance sheer was<br />as follows:<br />Liabilities<br />Amount o<br />Assets<br />Amount<br />Creditors<br />1,20,000 Cash<br />70,000<br />Bills payable<br />1,80,000 Debtors<br />2,00.000<br />General reserve<br />1,20,000 Less: Provision<br />10.000<br />1.90.000<br />Capitals<br />Stock<br />2,20.000<br />Kushal<br />3,00,000<br />Furniture<br />1,20,000<br />Kumar<br />2,80,000<br />Building<br />3,00,000<br />Kavita<br />3.00.000 8,80,000 Land<br />4,00.000<br />13,00,000<br />13,00,000<br />On the above date Kavita retired. Goodwill of the firm was valued at "40,000. Land was to be appreciated by 30% and building<br />was to be depreciated by "1,00,000. Value of furniture was to be reduced by "20,000. Bad debts reserve is to be increased to<br />-15,000. 10% of the amount payable to Kavita was paid in cash and the balance was transferred to her Loan Account Capitals<br />of Kushal and Kumar will be in proportion to their new profit sharing ratio. The surplus/deficit, if any in their capical accounts<br />will be adjusted through Current Accounts. Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet of the firm<br />after Kavita's retirement.<br />​

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