Question - 31 

Digvijay, Brijesh and parakram were partners in a firm sharing profit in the ratio of 2:2:1 their balance sheet as on March 31, 2007 was as follows :

Liabilties : Creditors Rs. 49,000, Reserve Rs. 18,500, Digvijay Capital Rs. 82,000, Brijesh Capital Rs. 60,000, Parakram Capital Rs. 75,500.

Assets : Cash Rs. 8,000, Debtors Rs. 19,000, Stock Rs. 42,000, Building Rs. 2,07,000, Patent's Rs. 9,000.

Brijesh retired on March 31, 2007 on the followings term :

  1. Goodwill of the firm was valued at Rs. 70,000 and was not to be appear in the books.
  2. Bad debts amounting to Rs. 2,000 were to be written off.
  3. Patent were considered as valueless.
Prepare revaluation A/c, partners capital A/c and Balance sheet of Digvijay and parakram after Brijesh retirement.
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