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aman Rahul cheatan were partners in a firm sharing profit in the ratio 3:2:1 their balance sheet as at 31-3-2018 was as follows creditors 100000 ,bills payable 40000,general reserves 60000,capital. aman 200000,rahul 100000,cheatan 100000. assets. land 100000,building 100000,plant 200000,stock 80000,debtors 60000,bank 60000. they decided to share profit equally from 1st April 2018 this was agreed that 1.goodwill of the firm valued at 300000 ,2.land be revalued at 120000,and building be depreciated by 6 percent , 3.creditors of 12000 were not likely to be claimed and hence be written off |
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