X and Y were partners in the profit-sharing ratio of 3: 2. Their balance sheet as at March 31, 2022 was as follows:6Balance Sheet as at March 31, 2022Liabilities Amount (₹) Assets Amount (₹)CreditorsY 1,12,00056,0002,31,000Plant and MachineryCash in Hand70,000General Reserve14,000Buildings98,000Capital Accounts:Stock21,000X 1,19,000Debtors 42,000(-)Provision 7,00035,00077,0003,01,000 3,01,000Z was admitted for 1/6th share on the following terms:(i) Z will bring ₹ 56,000 as his share of capital, but was not able to bring any amount to compensate the sacrificing partners.(ii) Goodwill of the firm is valued at ₹. 84,000.(iii)Plant and Machinery were found to be undervalued by ₹ 14,000 Building was to brought up to ₹ 1,09,000.(iv)All debtors are good. (v) Capitals of X and Y will be adjusted on the basis of Z’s share and adjustments will be done by opening necessary current accounts. You are required to prepare revaluation account and partners’ capital
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