Pabola Neruda, a friend of the author, had come to Spain for the first time. The author compares Neruda to a Renaissance pope because Neruda behaviour was that of a childish manner. He walked through the crowd like an invalid elephant. Whenever he watched something, his mind had a child's curiosity of its inner workings. For the author, the world appeared to him as a substantial wind-up toy. However, the author compared Neruda to a Renaissance pope as he was insatiable and refined. Thus, the author could not imagine anyone closer to the idea one has of a renaissance pope other than Neruda.
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.