14. A, B and C are partners sharing profits in the ratio of 4:3: 2. Their
Balance Sheet slood as under-
Liabilities
Amount
Assets
₹
Outstanding Expenses
16,000 Cash
Amount
₹
121000
Sundry Creditors
1,24,000
Capitals: Amount
A
7,20,000
Debtors
172000
B 4,15,000
Stock
185000
с 3,45,000
14,80000 Furniture
77000
Plant and Machinery
465000
Reserve Fund
1800000 Landand Building
780000
180000
1800000
D is admitted on the following terms for 1/5th share:
(a) Stock was valued at 1,72,000.
(b) Furniture were under valued by 3,000
(c) An amount due to a customer 10,000 was doubtful and provision
was required.
(d) Goodwill of firm was valued 2,00,000.
(e) D was required to bring 4,00,000 and on the basis of his share,
other partners will also share capital proportionately.
(f) A, B and C will share profits in the ratio of 3:2:1 were to share
future profits in ratio 3:2.
Prepare Revaluation A/c, Partner's Capital A/c and Balance Sheet of
new firm.
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