BALANCE SHEET OF RAM, MOHAN, SOHAN AND HARI as on 1st April, 2016
|Capital A/c :||Fixed Assets||9,00,000|
|Ram – 4,00,000||Current Assets||5,20,000|
|Mohan – 4,50,000|
|Sohan – 2,50,000|
|Hari – 2,00,000||13,00,000|
|Workmen Compensation Reserve||1,20,000|
From the above date, the partners decided to share the future profits in the ratio of 1 : 2 : 3 : 4. For this purpose the goodwill of the firm was valued at Rs.1,80,000. The partners also agreed for the following:(a) The Claim for workmen compensation has been estimated at Rs. 1,50,000.
(b) Adjust the capitals of the partners according to the new profit-sharing ratio by opening Partners’ Current Accounts.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the reconstituted firm.