Vidit, Vinay and Siya were partners in a firm. On 31st March,2021, their Balance Sheet was as follows:
Balance Sheet of Vidit, Vinay and Siya as at 31st March, 2021
|Vidit 48,000||Plant & Machinery A/c||66,000|
On the above date, Vinay retired and it was agreed that:
(i) The value of stock will be reduced by ₹10,000.
(ii) Plant and Machinery will be valued at ₹80,000.
(iii) An amount of ₹4,500 included in creditors is not likely to be claimed.
(iv) Debtors to be valued at ₹30,000.
(v) Amount due to Vinay will be transferred to Vinay’s Loan Account.
Prepare Revaluation Account and Vinay’s Capital Account.