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Radha, Sheela and Meena were in partnership sharing profits in the proportion of 3:2:1. On April 1, 2015, Sheela retires from the firm. On that date, their Balance Sheet was as follows:

The terms were: 

(a) Goodwill of the firm was valued at Rs. 13,000. 

(b) Expenses owing to be brought down to Rs. 3,750. 

(c) Machinery and Loose Tools are to be valued at 10% less than their book value. 

(d) Factory premises are to be revalued at Rs. 24,300. 

Prepare: 

1. Revaluation account 

2. Partner’s capital accounts and 

3. Balance sheet of the firm after retirement of Sheela.

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Revaluation Account

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