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Q32.Following is the Balance Sheet of A and B, who shared Profits and Losses in the ratio of 2 : 1, as at 1st April, 2019:
BALANCE SHEET OF A AND B
On the above date, the partners changed their profit-sharing ratio to 3 : 2. For this purpose, the goodwill of the firm was valued at 3,00,000. The partners also agreed for the following:
The value of Land and Building will be 5,00,000;
Reserve is to be maintained at 3,00,000.
The total capital of the partners in the new firm will be 6,00,000, which will be shared by the partners in their new profit-sharing ratio. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.
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