Balance Sheet of the new firm. un (Profit) on Revaluation - 8,000; Capitals: X— 60,000; 74 54,000; Balance Sheet Total-7 1,26,000.) 29 00; 20 Adjustment of Capital 20 26. Ram, Mohan, Sohan and Hari were partners in a firm sharing profits in the ratio of 4:3:2:1. On 1st April, 2016, their Balance Sheet was as follows: d 0 BALANCE SHEET OF RAM, MOHAN, SOHAN AND HARI as on 1st April, 2016 ₹ Assets Labilities ₹ Capital A/cs: Fixed Assets Current Assets 9,00,000 5,20,000 Ram Mohan Sohan Hari 4,00,000 4,50,000 2,50,000 2,00,000 13,00,000 1,20,000 14,20,000 Workmen Compensation Reserve 14,20,000 From the above date, the partners decided to share the future profits in the ratio of 1:2:3:4. For this purpose the goodwill of the firm was valued at $ 1,80,000. The partners also agreed for the following: (a) The claim for workmen compensation has been estimated at 1,50,000. (b) Adjust the capitals of the partners according to new profit-sharing ratio by opening Partners Current Accounts. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm. (Delhi 2017) (Ans.: Revaluation Loss: 30,000; Partners' Capital Accounts: Ram–1,27,000; Mohan-2,54,000; an rront Account. Dam 21500 (C).
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