Q75 Divya Yasmin and Fatima are partners in a firm sharing profits and losses in 11 7 2 respectively...........

Q75.Divya, Yasmin and Fatima are partners in a firm, sharing profits and losses in 11 : 7 : 2 respectively. The Balance Sheet of the firm on 31st March, 2018 was as follows: BALANCE SHEET as at 31st March, 2018

Liabilities	Amount ( )	Assets	Amount ( )
Sundry Creditors	70,000	Factory Building	7,35,000
Public Deposits	1,19,000	Plant and Machinery	1,80,000
Reserve Fund	90,000	Furniture	2,60,000
Outstanding	10,000	Stock	1,45,000
Expenses
Capital A/cs:		Debtors 1,50,000
Divya 5,10,000		Less: Provision (30,000)	1,20,000
Yasmin 3,00,000		Cash at Bank	1,59,000
Fatima 5,00,000	13,10,000
	15,99,000		15,99,000

On 1st April, 2018, Aditya is admitted as a partner for one-fifth share in the profits with a capital of 4,50,000 and necessary amount for his share of goodwill on the following terms:

Furniture of 2,40,000 were to be taken over Divya, Yasmin and Fatima equally.
A creditor of 7,000 not recorded in books to be taken into account.
Goodwill of the firm is to be valued at 2.5 years' purchase of average profits of last two years. The profit of the last three years were: 2015-16 − 6,00,000; 2016-17 − 2,00,000; 2017-18 − 6,00,000.
At time of Aditya's admission. Yasmin also brought in 50,000 as fresh capital.

Plant and Machinery is re-valued to 2,00,000 and expenses outstanding were brought down to 9,000. Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the reconstituted firm.

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