Rupal, Shanu and Trisha were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. Their Balance Sheet as at 31st March, 2024 was as follows:
Balance Sheet of Rupal, Shanu and Trisha as at 31st March, 2024
| Liabilities | Amount (₹) | Assets | Amount (₹) | |
|---|---|---|---|---|
| Capitals: | Fixed Assets | 8,20,000 | ||
| Rupal | 8,00,000 | Stock | 2,80,000 | |
| Shanu | 6,00,000 | Debtors | 5,00,000 | |
| Trisha | 2,00,000 | 16,00,000 | Cash | 7,20,000 |
| General Reserve | 3,20,000 | |||
| Creditors | 4,00,000 | |||
| Total | 23,20,000 | Total | 23,20,000 | |
Trisha retired from the firm on 1st April, 2024 on the following terms:
- Trisha’s share of profit was entirely taken by Shanu.
- Fixed assets were found to be undervalued by ₹2,40,000.
- Stock was revalued at ₹2,00,000.
- Goodwill of the firm was valued at ₹8,00,000 on Trisha’s retirement.
- The total capital of the new firm was fixed at ₹16,00,000 which was adjusted according to the new profit sharing ratio of the partners. For this necessary cash was paid off or brought in by the partners as the case may be.
Prepare Revaluation Account and Partners’ Capital Accounts.
Marks-6, CBSE: 2024-25/Zone-2/Set-1/Q-26(b)
Answer :
