On 31st March 2017 the Balance Sheet of Abhir and Divya who were sharing profits in the ratio of 3 1...........

On 31st March, 2017, the Balance Sheet of Abhir and Divya, who were sharing profits in the ratio of 3 : 1 was as follows:

They decided to admit Vibhor on 1st April, 2017 for 1/5th share.

1. Vibhor shall bring 80,000 as his share of goodwill premium.
2. Stock was overvalued by 20,000.
3. A debtor whose dues of 5,000 were written off as bad debts, paid 4,000 in full settlement.
4. Two months' salary @ 6,000 per month was outstanding.
5. Vibhor was to bring in Capital to the extent of 1/5th of the total capital of the new firm.

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