Answer :
Answer:
To prepare the Revaluation Account, Partner's Capital Accounts, and the Balance Sheet based on the information given, let's proceed step by step.
Given data:
- Gain on Revaluation: ₹16,000
- Y's Loan Account: ₹1,58,500 (comprising ₹40,000 + ₹1,18,500)
- Capitals after adjustment: X ₹1,10,500 and Z ₹57,000
- Total Balance Sheet total: ₹6,26,000
**Step 1: Revaluation Account**
Since there is a gain on revaluation, we will credit the Revaluation Account with the gain amount.
| Particulars | Amount (₹) |
|-----------------------|------------|
| Gain on Revaluation | 16,000 |
| | |
| | 16,000 |
**Step 2: Partner's Capital Accounts**
We need to adjust the Partner's Capital Accounts based on the information provided.
Initially, let's assume the initial balances of X, Y, and Z were not provided. We adjust their balances considering the gain on revaluation and the loan amount.
Assuming X's initial capital = ₹X
Assuming Y's initial capital = ₹Y
Assuming Z's initial capital = ₹Z
After adjustments:
- X's Capital: ₹1,10,500
- Z's Capital: ₹57,000
We need to find Y's capital and the total of all capital accounts.
Let's solve for Y's capital:
Given:
Y's Loan Account = ₹1,58,500 (which includes a loan of ₹40,000)
So, Y's Capital = Y's Loan Account - Loan portion
Y's Capital = ₹1,58,500 - ₹40,000
Y's Capital = ₹1,18,500
Now, check the total of all capital accounts:
Total Capital = X + Y + Z
Total Capital = ₹1,10,500 + ₹1,18,500 + ₹57,000
Total Capital = ₹2,86,000
**Step 3: Balance Sheet**
Now, prepare the Balance Sheet with the information provided:
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|-------------------------------|------------|------------------------------|------------|
| Capital: | | | |
| - X | 1,10,500 | | |
| - Y | 1,18,500 | | |
| - Z | 57,000 | | |
| Loan from Y | 1,18,500 | | |
| Total Liabilities | | Total Assets | |
| | | | |
| | | | |