A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1 . Their Balance Sheet as on 31st March, 2015 was as follows:
From 1st April, 2015, A, B and C decided to share profits equally. For this it was agreed that:
(i) Goodwill of the firm will be valued at Rs 1,50,000.
(ii) Land will be revalued at Rs. 80,000 and building be depreciated by 6%.
(iii) Creditors of Rs. 6,000 were not likely to be claimed and hence should be written ***. Prepare Revaluation Account , Partners Capital Accounts and Balance Sheet of the reconstituted firm.
