Raman, Daman and Vikram were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : $\displaystyle 4$ : 1. On 31st March, $\displaystyle 2025$, their capitals were $\displaystyle 6,00,000$; ₹ $\displaystyle 3,00,000$ and $\displaystyle 2$° $\displaystyle 2,00,000$ respectively. With effect from 1st April, $\displaystyle 2025$, they decided to share the future profits equally. Due to change in profit sharing ratio, it was agreed that : (i) Goodwill of the firm will be valued at ₹ $\displaystyle 3,00$,000. (ii) Revaluation of assets and liabilities will be carried out. The revaluation of assets and liabilities resulted in a loss of ₹ $\displaystyle 12$,000. (iii) Total capital of the reconstituted firm will be ₹ $\displaystyle 12,00,000$ and will be in the new profit sharing ratio of the partners. For this purpose, necessary cash will be brought in by the partners or paid off to the partners, as the case may be. Prepare Partners' Capital Accounts on the reconstitution of the firm.

Dr. Partners’ Capital Accounts Cr. Particulars Raman Daman Vikram Particulars Raman Daman Vikram (`) (`) (`) (`) (`) (`) To Raman’s By Balance $\displaystyle 6,00,000$ $\displaystyle 3,00,000$ $\displaystyle 2,00,000$ Capital - - $\displaystyle 50,000$ b/d ($\displaystyle 1$/$\displaystyle 2$) A/c ($\displaystyle 1$/$\displaystyle 2$) To Daman’s By Vikram’s Capital - - $\displaystyle 20,000$ Capital $\displaystyle 50,000$ $\displaystyle 20,000$ - A/c ($\displaystyle 1$/$\displaystyle 2$) A/c ($\displaystyle 1$/$\displaystyle 2$) To By Cash Revaluation /Bank A/c - $\displaystyle 84,800$ $\displaystyle 2,71,200$ A/c (loss) $\displaystyle 6,000$ $\displaystyle 4,800$ $\displaystyle 1,200$ A/c ($\displaystyle 1$/$\displaystyle 2$) To Cash /Bank A/c $\displaystyle 2,44,000$ - - To Balance c/d ($\displaystyle 1$/$\displaystyle 2$) $\displaystyle 4,00,000$ $\displaystyle 4,00,000$ $\displaystyle 4,00,000$ $\displaystyle 6,50,000$ $\displaystyle 4,04,800$ $\displaystyle 4,71,200$ $\displaystyle 6,50,000$ $\displaystyle 4,04,800$ $\displaystyle 4,71,200$ .