Question

Ashok, Bhim and Chetan were partners in a firm sharing profits in the ratio of 3:2:1. Their balance sheet as on 31st March 2019 was as follows:

Liabilities

Rs.

Assets

Rs.

Creditors

Bills Payable

General reserves

Capitals:

Ashok

Bhim

Chetan

100,000

40,000

60,000

200,000

100,000

50,000

Land

Building

Plant

Stock

Debtors

Bank

100,000

100,000

200,000

80,000

60,000

10,000

Ashok, Bhim and Chetan decided to share the future profits equally w.e.f. 1st April 2019, for this, it was agreed that:

Goodwill of the firm is valued at Rs. 300,000.

Land is revalued at Rs. 160,000 and building be depreciated by 6%.

Creditors of Rs. 12,000 were not likely to be claimed and hence, be written off.

Prepare revaluation account, partner’s capital account and balance sheet of the reconstituted firm.​



answer fast?????​

Answer 1

Answer:

Working notes :

Old ratio= 3:2:1

New ratio= 1:1:1

S/R  of Ashok = Old ratio- new ratio= $\frac{3}{6}-\frac{1}{3} = \frac{1}{6} =$Sacrificing

S/R of Bhim = Old ration-new ratio $\frac{2}{6} -\frac{1}{3} =\frac{0}{6}$

S/R of Chetan = old ratio- new ratio =  $\frac{1}{6} - \frac{1}{3} = -\frac{1}{6}$ = Gaining

Ashok will be compensated by Chetan.

Chetan's capital A/c         DR 50,000

    to Ashok's captial A/C                                   50,000