Read the following passage carefully and answer the following questions.
People these days love to dress up well in order to look presentable in society. To keep up with the changing times, people upgrade their style according to the latest trends in the market. Women are particularly inclined towards following fashion and thus keep a tab on the latest trends. Women’s fashion is a dynamic and ever-evolving realm that reflects the diversity and creativity of modern style. From elegant evening gowns to casual chic ensembles, the world of women’s wear offers a plethora of choices to suit every taste and occasion. Designers continually push boundaries, blending classic silhouettes with innovative fabrics and bold patterns to create unique and captivating pieces. Women’s wear in fashion encompasses a wide array of categories that cater to diverse styles and preferences, from traditional Indian ethnic wear to contemporary Western clothing.
In recent trends, we see a resurgence of vintage-inspired looks, with nods to the glamour of past eras reimagined for the contemporary woman. Sustainable fashion practices are also gaining momentum, with eco-friendly materials and ethical production methods becoming more prevalent in the industry.
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.