A B and C were partners in a firm sharing profits in the ratio of 3 2 1 Their Balance Sheet as on 31...........

A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet as on 31st March, 2015 was as follows:

From 1st April, 2015, A, B and C decided to share profits equally. For this it was agreed that:

i

Goodwill of the firm will be valued at 1,50,000.

ii

Land will be revalued at 80,000 and building be depreciated by 6%.

iii

Creditors of 6,000 were not likely to be claimed and hence should be written off.

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