31 :- Alfa, Beta and Gama are in a partnership sharing profits in the ratio of 5:3:2. Their balance sheet on 1st April 2025, the day Beta decided to retire from firm, was as follows
The terms of retirement were
(i) Beta takes goodwill from Alfa for Rs 30,000 and from Gama for Rs 40,000 for forgoing his share of profits
(ii) Stock to be appreciated by 20% and building by Rs 50,000
(iii) Investments were sold for Rs 2,70,000
(iv) Beta is paid by bank draft.
Prepare Revaluation account, Partners capital accounts and balance sheet of the new firm.
Solution :-
