Question

1 point
1. creditors are to be paid Rs
2,000 more.(Book value of
creditors is 30,000) what
journal entry will be passed for
adjustment?
*​

Answer 1

Answer:

Particulars Amount Particulars Amount

(Rs.) (Rs.)

Land and Building xxx Sundry creditors xxx

Plant and Machinery xxx Bills payables xxx

Furniture and Fittings xxx Bank overdraft xxx

Bills receivables xxx Outstanding expenses xxx

Sundry debtors xxx Provision for doubtful debts xxx

Cash/Bank xxx Cash/Bank (sale of assets) xxx

(payment of liabilities) Partner’s capital account xxx

Cash/Bank xxx (assets taken by the partner)

(payment of unrecorded liabilities) Loss (transferred to partners xxx

Partner’s capital account xxx capital accounts)

(liability assumed by the partner)

Profit (transferred to partners’ xxx

capital account’s in their profit

sharing ratio)

Total xxxxx Total xxxxx

Fig. 5.1: Format of Realisation Account

Hope it's helpful dear

Answer 2

Explanation:

Install the year suddenly and 7bdks