nb (Retirement) M, N, O are partners sharing profits and losses in the ratio...
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(Retirement) M, N, O are partners sharing profits and losses in the ratio 5: 3:2. Their Balance Sheet as at 31-12-2014 was as under: Balance Sheet As at 31.12.2014 Liabilities $ Assets $ Expenses Owing 30,000 Cash 80,000 M's Capital 50,000 Stock 20,000 N's Capital 50,000 Loose Tools 60,000 o's Capital 50,000 Machinery 20,000 1,80,000 1,80,000 M retired on the same day and following terms were agreed upon: (a) Goodwill of firm is valued at $ 30,000.. (b) Expenses owing to be raised by $ 30,000. (c) Machinery and Loose Tools revalued at 15% and 10% less than book value. Prepare Revaluation Account
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