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

Liabilities Amount
Assets Amount
Creditors 72,000 Cash 28,000
Bank’s Loan 18,000 Stock 46,000
General Reserve 18,000 Debtors 34,000
Capitals: Building 30,000
Vidit                                    48,000 Plant & Machinery A/c 66,000
Vinay                                    16,000
Siya                                   32,000 96,000
2,04,000 2,04,000

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. 


Marks-5, CBSE:2021-22/Term-2/Zone-2/Set-1/Q-7*

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