Pradeep and Dhanraj were partners in a firm sharing profits in the ratio of 3 : 1. Their Balance Sheet on 31st March, 2019 was:

Bills Payable1,000Debtors50,000
Reserve Fund16,000Less: Provision for Doubtful Debts – 5,00045,000
Outstanding Salary3,000 Stock30,000
Capital A/c : Bills Receivable10,000
Pradeep – 60,000Patents1,000
Dhanraj – 20,00080,000Machinery 40,000
 1,30,000 1,30,000

They admitted Leander as a new partner on this date. New profit-sharing ratio is agreed as 3 : 2 : 3. Leander brings in proportionate capital after the following adjustments:
(a) Leander brings Rs. 16,000 as his share of goodwill.
(b) Provisions for Doubtful Debts is to be reduced by Rs. 2,000.
(c) There is an old Printer valued at Rs. 2,400. It does not appear in the books of the firm. It is now to be recorded.
(d) Patents are valueless.
Prepare Revaluation Account, Capital Accounts and opening  Balance Sheet of Pradeep, Dhanraj and Leander.


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