Meghna, Mehak and Mandeep were partners in a firm whose Balance Sheet as on 31st March, 2023 was as under:
Balance Sheet
| Liabilities | Amount(₹) | Assets | Amount(₹) | ||
|---|---|---|---|---|---|
| Creditors | 28,000 | Cash | 27,000 | ||
| General Reserve | 7,500 | Debtors | 20,000 | ||
| Capitals: | Stock | 28,000 | |||
| Meghna | 20,000 | Furniture | 5,000 | ||
| Mehak | 14,500 | ||||
| Mandeep | 10,000 | 44,500 | |||
| 80,000 | 80,000 |
Mehak retired on this date under following terms:
(i) To reduce stock and furniture by 5% and 10% respectively.
(ii) To provide for doubtful debts at 10% on debtors
(iii) Goodwill was valued at ₹12,000.
(iv) Creditors of ₹8,000 were settled at ₹7,100.
(v) Mehak should be paid off and the entire sum payable to Mehak shall be brought in by Meghna and Mandeep in such a way that their capitals should be in their new profit-sharing ratio and a balance of ₹25,000 is maintained in the cash account.
Prepare Revaluation Account and partners’ capital accounts of the new firm.
Mark-6, CBSE: 2024-25/Sample/Q-24*
Answer :
