S retired from the firm on 1st April 2017 and his share was ascertained on the revaluation of assets as follows :
Stock ?40,000
furniture ?6000
plant and machinery ?18000
building ?40,000
?1700 to be provided for doubtful debts. The Goodwill of the firm was valued at ?12000
S was to be paid ?21680 in cash on retirement and the balance in 3 equal quarterly installment (starting from 30th June 2017) along with interest at 12% per annum.

Prepare revaluation account partners capital account S's loan account and balance sheet on 1st April 2017

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  • -5
Old Ratio is 2:2:1
  • 3
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