Question

Badal and Bijli were partners in a firm sharing profits in the ratio of
3:2. Their Balance Sheet as at 31st March, 2019 was as follows:
Balance Sheet of Badal and Bijli as at 31st March, 2019
Amount
Amount
Liabilities
Assets
Building
1,50,000
Capitals :
Badal
1,50.000
Investments
73,000
Bijli
90,000
2,40,000 Stock
43,000
Badal's Current Alc
12,000 Debtors
20.000
Investment Fluctuation
Reserve
24,000 Cash
22.000
Bills Payable
8,000 Bijli's Current A/c
2.000
Creditors
26,000
3,10,000
3.10.000
1th
Raina was admitted on the above date as a new partner for share in
the profits of the firm. The terms of agreement were as follows:
Raina will bring 40,000 as her capital and capitals of Badal and
Bijli will be adjusted on the basis of Raina's capital by opening
current accounts.
(ii) Raina will bring her share of goodwill premium for 12,000 in
N
Z cash.
The building was overvalued by 15,000 and stock by 3,000.
(10) A provision of 10% was to be created on debtors for bad debts.
Prepare the Revaluation Account and Current and Capital Accounts of
Badal, Bijli and Raina.
​

Answer 1

Revaluation Account and Current and Capital Accounts of  Badal, Bijli and Raina.

Explanation:

Pls refer to the pic below