Vikas, Saurav and Govind were partners in a firm sharing profits and losses in the ratio of 2: 3: 5. On 31st March, 2025, their capitals were…

Vikas, Saurav and Govind were partners in a firm sharing profits and losses in the ratio of $\displaystyle 2$ : $\displaystyle 3$ : 5. On 31st March, $\displaystyle 2025$, their capitals were $\displaystyle 5,00,000$; ₹ $\displaystyle 3,00,000$ 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 ₹ $\displaystyle 9,00$,000. (ii) Revaluation of assets and liabilities will be carried out. The revaluation of assets and reassessment of liabilities resulted in a loss of ₹ $\displaystyle 1,00$,000. (iii) The total capital of the reconstituted firm will be ₹ $\displaystyle 12,00,000$ and the same will be in proportion of 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.