Kio 3.101 ILLUSTRATION 53 (Preparation of Balance Sheet to reconstituted firm). A and B shares profit and losses in the ratio of 2 : 1. Their Balance Sheet as at 31" March 2010, was as follows: BALANCE SHEET as at 31.3.2010 Liabilities Assets Rs. Sundry Creditors 10,000 Cash 5.000 Bills Payable 5.000 Debtors 12.000 Capitals: Less: Provisions 2.000 10,000 10,000 Stock 5.000 B 15.000 25.000 Land 20.000 40,000 40.000 Rs. On 1" April, 2010 C is admitted for th share in future profits. He is to pay Rs.9.000 On 14 April, 2010 C is admitted forth as goodwill and necessary capital to give him th share of the total capital of the new firm. It was agreed that Land was to be revalued at Rs. 30.000: Stock to be increased by Rs.3.000: the Provision on Debtors to be increased by Rs.1,000. Prepare the Revaluation Account, Partners' Capital Accounts and Balance Sheet of the new firm. You are required to show your workings clearly. Band C