Practicing Success
Read the following passage and answer the following question. A, B & C are partners sharing profits in proportion to their capital. A retired from the firm on 1st April 2021 and the remaining partners decided to carry on the partnership with a profit-sharing ratio of 4:3. At the time of retirement, their capital accounts show balance- A- ₹2,00,000, B- ₹3,00,000, and C ₹2,00,000. The assets and liabilities of the partnership firm are as follows- |
On the retirement, land is revalued at 123%. Calculate the revised value of land. |
₹2,40,000 ₹2,46,000 ₹3,40,000 ₹3,46,000 |
₹2,46,000 |
The correct answer is option 2- ₹2,46,000. Old value = ₹2,00,000 |