29. A, B and C were partners in a firm sharing profits in the ratio of 3: 2: 1. Their Balance Sheet as on 31st March, 2015 was as follows:

From 1st April, 2015, A, B and C decided to share profits equally. For this it was agreed that:

(i) Goodwill of the firm will be valued at ₹1,50,000.

(ii) Land will be revalued at ₹80,000 and building be depreciated by 6%.

(iii) Creditors of ₹6,000 were not likely to be claimed and hence should be written off

Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the reconstituted firm.

(Delhi 2016)