Four Special abilities of Subbu:
(i) Subbu had the ability to look cheerful at all times.
(ii) His sense of loyalty made him turn his entire creativity to his principal's advantage: Filmmaking was quite easy with Subbu around
(iii) He was literary inclined too-a poet and novelist. He was an amazing actor.
(iv) He had a charitable and loving nature.
At last, around four in the afternoon, the poet (or the editor) arrived. He was a tall man, very English, very serious and of course very unknown to all of us. Battling with half a dozen pedestal fans on the shooting stage, The Boss read out a long speech. It was obvious that he too knew precious little about the poet (or the editor). The speech was all in the most general terms but here and there it was peppered with words like 'freedom' and 'democracy'. Then the poet spoke. He couldn't have addressed a more dazed and silent audience — no one knew what he was talking about and his accent defeated any attempt to understand what he was saying.
(Poets and Pancakes)
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.