Rishi, Shashi and Trishi were partners in a firm sharing profits and losses in proportion of 12 , 16 and 13 respectively. Their Balance Sheet as at 31st March, 2023 was as follows:
Balance Sheet of Rishi, Shashi and Trishi as at 31st March, 2023
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | |
|---|---|---|---|---|
| Capitals: Rishi Shashi Trishi General Reserve Creditors |
36,000 30,000 20,000 |
86,000 30,000 54,000 |
Fixed Assets Stock Debtors Cash |
80,000 20,000 30,000 40,000 |
| Total | 1,70,000 | Total | 1,70,000 | |
Shashi retired from the firm on 1st April, 2023 on the following terms:
(i) Fixed Assets were valued at Rs. 56,000.
(ii) Stock was taken over by Shashi at Rs. 26,000.
(iii) Goodwill of the firm was valued at Rs. 18,000 on Shashi’s retirement
(iv) Balance in Shashi’s Capital Account was transferred to her loan account.
Prepare Revaluation Account and Partners’ Capital Accounts.
Marks-6, CBSE: 2023-24/Zone-1/Set-1/Q-26
Answer :
