PARTNERSHIP ACCOUNTS - REVALUATION AND ANT 93 Sonu and Anil are partners in a firm sharing profits in the ratio of 3:2. They decided a new partner with effect from April 1, 2017. In future, profits will be shared by the of Sonu and Anil as at April 1, 2017 and terms of admission are given below Liabilities Capitals Plant and machinery Sonu 3,00,000 Furniture and fittings 000 Anil 3,00,000 Stock Creditors 60,000 Debtors Outstanding expenses 15,000 Cash in hand 6,75.000 ( Capital of the firm was fixed at 26,00,000 to be contributed by partners in the profit ang The difference is adjusted in cash. () Montu to bring his share of capital and goodwill in cash. Goodwill of the form is to be the basis of 2 years' purchase of super profit. The average net profit expected in future by the *90,000 per year. The normal rate of return on capital in similar business is 10% Calculate the value of Goodwill and prepare Partners' Capital Accounts Rari were partners in a firm sharing profits in 3:1 ratio. They admitted Raha
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