Question

Geeta, Rita & Riya were partners in a firm with profit sharing ratio of 3:2:1.<br />
Liabilities Amt Creditors 42,000 Workmen Compensation Reserve 24,000<br />
Assets Bank<br />
Debtors Less: RDD<br />
80,000 4,000<br />
Amt 11,500<br />
76,000 75,300<br />
30,000 20,000 1,00,000<br />
7,200 12,000<br />
Employees Provident Fund Investment Fluctuation Reserve<br />
12,000 12,000<br />
2,42,000<br />
3,32,000 Total<br />
Stock<br />
Investment (M.V. Rs.35,200)<br />
Patents Machinery<br />
Advertisement Expenditure Goodwill<br />
3,32,000<br />
X’s Capital Y,s Capital Z,s Capital<br />
Total<br />
1,36,000 64,000<br />
42,000<br /><br />
Riya retired on 1.4.2016 on the following terms:<br />
1. Goodwill was valued t Rs. 60,000.<br />
2. Value of patents was to be reduced by 20% & machinery to 90%<br />
3. R.D.D to be raided to 6%.<br />
4. Liability for workmens compensation to the extent of Rs. 12,000 is to be created.<br />
5. Riya took over Investment at market value.<br />
6. Amount due to Riya to be settled on following basis: 50% on retirement and balance by a bill of exchange.<br />
You are required to prepare Revaluation A/c & Partners Capital A/c.​

Answer 1

Answer:

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Tʜᴇ ᴛʀᴇᴇs ᴏғ Mᴇᴅɪᴛᴇʀʀᴀɴᴇᴀɴ ғᴏʀᴇsᴛ ʜᴀs ᴅᴇᴠᴇʟᴏᴘᴇᴅ sᴏᴍᴇ sᴘᴇᴄɪᴀʟ ғᴇᴀᴛᴜʀᴇs ᴛᴏ sᴜʀᴠɪᴠᴇ ᴛʜᴇ sᴜᴍᴍᴇʀ ᴅʀᴏᴜɢʜᴛ, ʟɪᴋᴇ ᴛʜᴇʏ ᴀʀᴇ ᴡɪᴅᴇʟʏ sᴘᴀᴄᴇᴅ, ᴛʜᴇʏ ᴀʀᴇ ᴏғ sʜᴏʀᴛ ʜᴇɪɢʜᴛ, ᴛʜᴇʏ ʜᴀᴠᴇ sᴍᴀʟʟ ᴡᴀxʏ ʟᴇᴀᴠᴇs ᴀɴᴅ ᴛʜɪᴄᴋ ʙᴀʀᴋs. Tʜᴇʏ ᴀʟsᴏ ʜᴀᴠᴇ ᴅᴇᴇᴘ ʟᴏɴɢ ʀᴏᴏᴛs ᴛᴏ sᴇᴀʀᴄʜ ᴍᴏɪsᴛᴜʀᴇ ɪɴsɪᴅᴇ ᴛʜᴇ ɢʀᴏᴜɴᴅ.