Slide Size Format Background Design Ideas Questions Bank 3) The following is the Balance Sheet of Amutha and Rama sharing profits 3:2, as on 31.3.2015. Balance Sheet Liabilities Sundry creditors Bills Payable Capital Account: Amutha 40,000 Rama 30.000 Amount 80,000 20,000 Assets Bank Sundry debtors Stock Machinery Land & Buildings Amount 10,000 30,000 20,000 40,000 70,000 70,000 On 1.4.2015 they decided teadnjit Latha into the partnership for11d900 of the future profits on the following terms: (a) Latha shall bring in a capital of R.O 30,000 and R.O 4,000 as her share of goodwill. (b) Goodwill of the firm being valued at R.O 20,000 (c) Land and buildings be appreciated by 10% (d) Stock is depreciated by R.O 3,000 and provision for outstanding liability is created at R.O 2,000. Required: Prepare the Revaluation account, Capital accounts, Bank account and the Balance Sheet of the reconstituted partnership. (Ans.: Revaluation Profit: R.O 2,000; B/s : R.02,24,000) Notes Comments 12