A and B are partners in a firm. Their Balance Sheet as at 31st March, 2019 was: On 1st April,
Channel: Doubtnut
Date: 29/03/2020

A and B are partners in a firm. Their Balance Sheet as at 31st March, 2019 was: On 1st April, 2019, they admitted C a new partner on the following conditions: (i) C bring in RS.40,000 as his share of capital but he is unable to bring any amount for goodwill. C\'s Share of goodwill is adjusted by opening his Current Account. (ii) The new profit-sharing ratio between A, B and C will be 3 : 2 : 1. (iii) Claim towards Workmen Compensation is RS.3,000. (iv) Bad Debts amounting to RS.6,000 are to be written off. (v) Creditors are to be paid RS.2,000 more. (vi) RS.2,000 be provided for an unforeseen liability. (vii) Outstanding Expenses be brought down to RS.1,200. (viii) Shikha, an old customer whose account was written off as bad debts, has promised to Pay RS.2, 500 in settlement of her dues. (ix) Goodwill is valued at `1_(1//2)` years\' purchaes of the average profit of last three years, less RS.12,000. The profits of last three years amounted to RS.10,000, RS 20,000 and RS. 30,000 respectively. Prepare Revaluation Account Capital Accounts of Partners and the Opening Balance Sheet.