Question

67,667, Balance Sheet Total Rs 2,74,000).
17. The Balance sheet of Ashish, Suresh and Lokesh who were sharing profits in the ratio of 5 : 3:2, is given below
Capitals:
Shyam 7,20,000
Gagan 4,15,000
Ram
Reserve Fund
Sundry Creditors
Outstanding Expresses
as on March 31, 2015.
Liabilities
Amount
Assets
Amount
(Rs)
(Rs)
Land
4,00,000
Building
3,80,000
Plant & Machinery
4,65,000
3,45,000
14,80,000 Furniture & Fittings
77,000
1,80,000 Stock
1,85,000
1,24,000 Sundry Debtors
1,72,000
16,000 Cash in hand
1,21,000
18,00,000
18,00,000
Suresh retires on the above date and the following adjustments are agreed upon his retirement.
1. Stock was valued at Rs 1,72,000.
2. Furniture and fittings were valued at Rs 80,000.
3. An amount of Rs 10,000 due from Mr. Deepak, a debtor, was doubtful and a provision for the same was
required.
4. Goodwill of the firm was valued at Rs 2,00,000 but it was decided not to show goodwill in the books of A/c.
5. Suresh was paid Rs 40,000 immediately on retirement and the balance was transferred to his loan account
6. Ashish and Lokesh were to share future profits in the ratio of 3:2.
Prepare Revaluation Account, Capital Account and Balance Sheet of the reconstituted firm.
(Ans: Revaluation loss Rs 20,000; Balance Sheet Rs 17,40,00
Punta
tin of 2: 2:1. Their Balance Sheet as on March​

Answer 1

Answer:

i hope this is helpful

Answer 2

Please check the working note. It is very important.

Hope it helps!