Balance Sheet of X and Y who share profits and losses as 5 3 as at 1st April 2019 is Liabilities Amo...........

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Balance Sheet of X and Y, who share profits and losses as 5 : 3, as at 1st April, 2019 is:

Liabilities	Amount	Assets	Amount
X's Capital	52,000	Goodwill	8,000
Y's Capital	54,000	Machinery	38,000
General Reserve	4,800	Furniture	15,000
Sundry Creditors	5,000	Sundry Debtors	33,000
Employees' Provident Fund	1,000	Stock	7,000
Workmen Compensation	10,000	Bank	25,000
Reserve
		Advertisement Suspense A/c	800
	1,26,800		1,26,800

On the above date, they decided to change their profit-sharing ratio to 3 : 5 and agreed upon the following:

Goodwill be valued on the basis of two years' purchase of the average profit of the last three years. Profits for the years ended 31st March, are: 2016-17 − 7,500; 2017-18 − 4,000; 2018-19 − 6,500.

Machinery and Stock be revalued at 45,000 and 8,000 respectively.

Claim on account of workmen compensation is 6,000.

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

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