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Kanika, Disha and Kabir were partners sharing profits in the ratio of 2 : 1 : 1. On 31st March, 2016, their Balance Sheet was as under:
Employees' Provident Fund
Profit and Loss A/c
Kanika retired on 1st April, 2016. For this purpose, the following adjustments were agreed upon:
a Goodwill of the firm was valued at 2 years' purchase of average profits of three completed years preceding the date of retirement. The profits for the year:
2013-14 were 1,00,000 and for 2014-15 were 1,30,000.
b Fixed Assets were to be increased to 3,00,000.
c Stock was to be valued at 120%.
d The amount payable to Kanika was transferred to her Loan Account.
Prepare Revaluation Account, Capital Accounts of the partners and the Balance Sheet of the reconstituted firm.
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