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037 BALANCE SHEET as at 3/3.2010 Liabilities Rs. Assets Cash Bank Overdraft Creditors 1.70,000 Debtors 75.000 81.000 Stock Investments Bills Payable Long Term Loan General Reserve Capital Accounts 3,00,000 54.100 Furniture Computers Buildings 40000 B 40.000 Patents 31 40.000 1.20,000 7.61.000 751.000 B died on October 2010 and the following adjustments were to be made in Goodwill worth Rs 30,000 but no goodwill account is to be raised un Building and furniture were found to be undervalued by 10% Investments are now valued at Rs 3,00,000 i Stock was found overvalued by Rs 21.500 and a provision of 10% on debtors was also required. Patents were valueless ( B was entitled to share in profits up to the date of death and it was decided that he may be allowed to retain his drawings as his share of profits B's drawings till date of death was Rs.25.000 () The entire capital of the new firm was to be fixed at Rs 2.25.000 and is to divided proportionately in new profit sharing ratio among A and C Any excess or deficit to be made in cash Prepare Revalutaion Account Capital Accounts and Balanga fly