Rupal, Shanu and Trisha were partners in a firm sharing profits and losses in the ratio of 4:3:1. Their Balance Sheet as at 31st March, 2024 was as follows:
(i) Trisha's share of profit was entirely taken by Shanu.
(ii) Fixed assets were found to be undervalued by Rs 2,40,000.
(iii) Stock was revalued at Rs 2,00,000.
(iv) Goodwill of the firm was valued at Rs 8,00,000 on Trisha's retirement.
(v) The total capital of the new firm was fixed at Rs 16,00,000 which was adjusted according to the new profit sharing ratio of the partners. For this necessary cash was paid off or brought in by the partners as the case may be.
Prepare Revaluation Account and Partners' Capital Accounts.
Independent Events are those events that are not dependent on the occurrence or happening of any other event. For instance, if we flip a dice and get 2 as the outcome, and if we flip it again and then get 6 as the outcome. In Both cases, the events have different results and are not dependent on each other.
All the events that are not dependent on the occurrence and nonoccurrence are denominated as independent events. If Event 1 does not depend on the occurrence of Event 2, then both Events 1 and 2 are independent Events.
Two Events: Event 1 and Event 2 are independent if,
P(2|1) = P (2) given P (1) ≠ 0
and
P (1|2) = P (1) given P (2) ≠ 0
Two events 1 and 2 are further independent if,
P(1 ∩ 2) = P(1) . P (2)