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2 Calculate total equity and owner equity if: 1. Owner’s equity in the beginning ₹36,000. 2. Equity of Creditor at the end ₹30,000. 3. Revenue during the period is ₹42,000. 4. Expenses during the same period are ₹39,000

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CBSE > Class 11 > Accountancy

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Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

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