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Here is the solution for Question 2: i) Revaluation Account The Revaluation Account records gains or losses arising from the revaluation of assets and liabilities. Building appreciated by 20\%: ₹35,000 × 20\% = ₹7,000 (Gain) Stock depreciated by 10\%: ₹25,000 × 10\% = ₹2,500 (Loss) Provision for doubtful debts at 5\% on debtors: ₹20,000 × 5\% = ₹1,000 (Loss) Outstanding expense: ₹1,000 (New liability, Loss) |l|r|l|r| Particulars & Amount (₹) & Particulars & Amount (₹) \\ To Stock A/c & 2,500 & By Building A/c & 7,000 \\ To Provision for Doubtful Debts A/c & 1,000 & & \\ To Outstanding Expenses A/c & 1,000 & & \\ To Profit transferred to Capital A/cs: & & & \\ A & 1,500 & & \\ B & 1,000 & & \\ Total & 7,000 & Total & 7,000 \\ Revaluation Profit = ₹7,000 - (₹2,500 + ₹1,000 + ₹1,000) = ₹2,500 This profit is distributed between the old partners (A and B) in their old profit-sharing ratio (3:2). A's share = ₹2,500 × (3)/(5) = ₹1,500 B's share = ₹2,500 × (2)/(5) = ₹1,000 Revaluation Profit: ₹2,500 ii) Partners' Capital Accounts The Partners' Capital Accounts record their opening balances, reserves, new partner's capital and goodwill, and revaluation profit/loss. Opening Balances: A ₹50,000, B ₹40,000 General Reserve (₹10,000) distributed in 3:2 ratio: A: ₹10,000 × (3)/(5) = ₹6,000 B: ₹10,000 × (2)/(5) = ₹4,000 C brings ₹30,000 as capital. C brings ₹10,000 as goodwill. This is distributed to the old partners (A and B) in their sacrificing ratio (which is the old ratio 3:2). A: ₹10,000 × (3)/(5) = ₹6,000 B: ₹10,000 × (2)/(5) = ₹4,000 Revaluation Profit: A ₹1,500, B ₹1,000 |l|r|r|r|l|r|r|r| Particulars & A (₹) & B (₹) & C (₹) & Particulars & A (₹) & B (₹) & C (₹) \\ To Balance c/d & 63,500 & 49,000 & 30,000 & By Balance b/d & 50,000 & 40,000 & - \\ & & & & By General Reserve A/c & 6,000 & 4,000 & - \\ & & & & By Bank A/c (Capital) & - & - & 30,000 \\ & & & & By Premium for Goodwill A/c & 6,000 & 4,000 & - \\ & & & & By Revaluation A/c & 1,500 & 1,000 & - \\ Total & 63,500 & 49,000 & 30,000 & Total & 63,500 & 49,000 & 30,000 \\ Capital Account Balances: A ₹63,500, B ₹49,000, C ₹30,000 iii) New Balance Sheet of the Firm as on 01.04.2026 |l|r|l|r| Liabilities & Amount (₹) & Assets & Amount (₹) \\ Creditors & 15,000 & Cash at Bank & 55,000 \\ Bills Payable & 10,000 & Debtors & 20,000 \\ Outstanding Expenses & 1,000 & Less: Provision for Doubtful Debts & 1,000 \\ Capital Accounts: & & & 19,000 \\ A & 63,500 & Stock & 22,500 \\ B & 49,000 & Machinery & 30,000 \\ C & 30,000 & Building & 42,000 \\ Total Capital & 1,42,500 & & \\ Total Liabilities & 1,68,500 & Total Assets & 1,68,500 \\ Details of Assets: Cash at Bank: Opening balance ₹15,000 + C's Capital ₹30,000 + C's Goodwill ₹10,000 = ₹55,000 Debtors: ₹20,000 Less: Provision for Doubtful Debts: ₹1,000 (5% of ₹20,000). Net Debtors = ₹19,000 Stock: ₹25,000 - Depreciation ₹2,500 = ₹22,500 Machinery: ₹30,000 (No change) Building: ₹35,000 + Appreciation ₹7,000 = ₹42,000 New Balance Sheet Total: ₹1,68,500 3 done, 2 left today. You're making progress.