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A and B were partners in a firm sharing ...

A and B were partners in a firm sharing profits in 3:1 ratio. They admitted C as a partner for 1/4 th share in future profits. C was to bringRs 60,000 for his capital. The Balance Sheet of A and B as at 1st April, 2019, the date on which C was admitted, was:

The other terms agreed upon were:
(a) Goodwill of the firm was valued atRs 24,000.
(b) Land and Building were valued atRs 65,000 and Plant and Machinery atRs 60,000.
(c) Provision for Doubtful Debts was found in excess byRs 400.
(d) A liability ofRs 1,200 included in Sundry Creditors was not likely to arise.
(e) The capitals of the partners be adjusted on the basis of C's contribution of capital to the firm.
(f) Excess or shortfall, if any, be transferred to Current Accounts.
Prepare Revaluation Accounts Partners' Capital Accounts and Balance Sheet of the new firm.

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