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.