Six hundred and fifty million years ago, a giant amalgamated southern supercontinent — Gondwana — did indeed exist, centered roughly around the present-day Antarctica. Things were quite different then: humans hadn't arrived on the global scene, and the climate was much warmer, hosting a huge variety of flora and fauna. For 500 million years Gondwana thrived, but around the time when the dinosaurs were wiped out and the age of mammals got under way, the landmass was forced to separate into countries, shaping the globe much as we know it today.
(Journey to the end of the Earth)
My Antarctic experience was full of such epiphanies, but the best occurred just short of the Antarctic Circle at 65.55 degrees south. The Shokalskiy had managed to wedge herself into a thick white stretch of ice between the peninsula and Tadpole Island which was preventing us from going any further. The Captain decided we were going to turn around and head back north, but before we did, we were all instructed to climb down the gangplank and walk on the ocean. So there we were, all 52 of us, kitted out in Gore-Tex and glares, walking on a stark whiteness that seemed to spread out forever. Underneath our feet was a metre-thick ice pack, .... In the periphery Crabeater seals were stretching and sunning themselves ... much like stray dogs .... It was nothing short of a revelation.
(Journey to the end of the Earth)
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.