Question: AB are two partners. C is admitted for 1/3rd share of profit. At the time of his admission the partners decides to revalue the

AB are two partners. C is admitted for 1/3rd share of profit.

AB are two partners. C is admitted for 1/3rd share of profit. At the time of his admission the partners decides to revalue the assets and liabilities as under; Stock up by Rs.5, 000, sundry creditors reduced by Rs.3, 000, Provisions for doubtful debts increased by Rs.2,000, Building up by Rs.1,000. What is the profit or loss on revaluation of assets and liabilities.

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