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Dear Student,
 
Revaluation Account
Dr.   Cr.
Particulars Amount
Rs
Particulars Amount
Rs
       
 Machinery  10,500  Land & Building  8,000
 Outstanding liability  500  Provision for d/d  600
     Creditors  1,000
     Loss:  
     Gopal         700  
     Rajneesh    350  
     Lokesh       350  1,400
       
   11,000    11,000

Partners’ Capital Accounts
Dr.   Cr.
Particulars Gopal Rajneesh Lokesh Particulars Gopal Rajneesh Lokesh
               
 Rajneesh  3,500    1,750  Balance b/d  40,000  30,000  25,000
 Revaluation  700  350  350  P&L  7,500  3,750  3,750
 Bank     9,250    Gopal    3,500  
 Rajneesh's Loan   29,400    Lokesh    1,750  
 Balance c/d  60,000    30,000  Bank   16,700    3,350
               
   64,200  39,000  32,100    64,200  39,000  32,100
               
               

Balance Sheet
as on April 01, .....
Liabilities Amount
Rs
Assets Amount
Rs
 Outstanding expenses  500    
 Creditors  5,000  Machinery  24,500
 EPF  5,000  Land & Building  48,000
 Capital      Stock  14,700
 Gopal  60,000    Debtors  24,500  
 Lokesh  30,000  90,000  Less: provision      600  23,900
 Rajneesh's Loan  29,400

 
 Bank(17,000-9,000-9,250+16,700+3,350)  18,800
       
   1,29,900    1,29,900

Note:
Valuation of GoodwillAverage profit= Rs. 21,500Normal profit= 1,10,000×10%= Rs. 11,000(Capital employed=Capital +P&L=95,000+15,000)Super profit=21,500-11,000= Rs. 10500Goodwill=10,500×2= Rs. 21,000Rajneesh's share =21,500×14= Rs. 5,250Gopal's new Capital=90,000×23= Rs. 60,000Lokesh's new Capital=90,000×13= Rs. 30,000

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