30. A and B are partners in a firm. Their balance sheet as on \( 31 / 03 / 2021 \) was as follows: On 01.04.2021 C is admitted into the partnership on the following terms: a) He brings in \( ₹ 60,000 \) as his capital and \( ₹ 20,000 \) towards goodwill for \( 1 / 4^{\text {th }} \) share in the future profits. Goodwill is to be withdrawn by the Old Partners. (as per AS26) b) Depreciate furniture by \( 10 \% \) and appreciate buildings by \( ₹ 22,000 \). c) Investments are to be revalued at ₹ 50,000 . d) Provide ₹2,000 for outstanding salary. Prepare: i) Revaluation Account ii) Partners' Capital Accounts \& iii) New Balance Sheet of the firm.

Question

30. A and B are partners in a firm. Their balance sheet as on \( 31 / 03 / 2021 \) was as follows: On 01.04.2021 C is admitted into the partnership on the following terms: a) He brings in \( ₹ 60,000 \) as his capital and \( ₹ 20,000 \) towards goodwill for \( 1 / 4^{\text {th }} \) share in the future profits. Goodwill is to be withdrawn by the Old Partners. (as per AS26) b) Depreciate furniture by \( 10 \% \) and appreciate buildings by \( ₹ 22,000 \). c) Investments are to be revalued at ₹ 50,000 . d) Provide ₹2,000 for outstanding salary. Prepare: i) Revaluation Account ii) Partners' Capital Accounts \& iii) New Balance Sheet of the firm.