When balance sheet prepared after the new partnership assets and liabilities are recorded at :

Original value

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Revalued figure

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At current cost

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As realizable value

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Solution

The correct option is B Revalued figure
New partnership means reconstruction of the firm due to admission, retirement and death. When partnership is reconstructed, new balance sheet at revalued figure is prepared. Because old balance sheet is related to old partners and profit or loss on revaluation is distributed among old partners. A new balance sheet with new figures is prepared for new partners.

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Similar questions

Q. Balance sheet prepared after the new partnership agreement, assets and liabilities are recorded at ___________.

In the balance sheet prepared after the new partnership agreement, assets and liabilities are shown at:

At what figures the value of assets and liabilities appear in the books of the firm after revaluation has been due. Show with the help of an imaginary balance sheet.

At what figures the value of assets and liabilities appear in the books of the firm after revaluation has been done? Show with the help of an imaginary balance sheet.

Q. From the Balance Sheet given below, calculate:
(i) Fixed Assets
(ii) Current Assets
(iii) Current Liabilities
(iv) Working Capital

Balance Sheet as at 31^st March, 2018
Liabilities	₹	Assets	₹
Trade Creditors	42,000	Stock in Hand	48,000
Expenses Accrued	3,200	Debtors	36,000
Bank Overdraft	4,800	Prepaid Expenses	400
Long-Term Loan	20,000	Goodwill	20,000
Interest on Loan	1,000	Land	20,000
Capital	93,400	Plant	32,000
		Furniture	8,000
	1,64,400		1,64,400

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