Question

1 point
2.Write journal entry for
recording unrecorded liability
at the time of retirement of a
partner
O
Unrecorded liability a/c Dr To
Revaluation a/c Dr.
O
Unrecorded liability a/c Dr To capital
a/c
O
Revaluation a/c Dr. To Unrecorded
liability a/c
!​

Answer 1

Answer:

(i) Revaluation A/c Dr. 5000

To Provision for doubtful debts 5000

(Being increase in liabilities recorded in the revaluation account)

(ii) Creditore A/c Dr. 5000

To Revaluation A/c 5000

(Being increase in assets transferred to revaluation account)

(iii) Building A/c Dr. 40000

To Revaluation A/c 40000

(Being increase in assets transferred to revaluation account)

(iv) Investment A/c Dr. 15000

To Revaluation A/c 15000

(Being increase in assets transferred to revaluation account)

(v) Revaluation A/c Dr. 2000

To provision for repairs A/c 2000

(Being increase in liabilities recorded in the revaluation account)

(vi) Revaluation A/c Dr. 3000

To Creditors A/c 3000

(Being increase in liabilities recorded in the revaluation account)

(vii) Revaluation a/c.... Dr. 50000

To A's Capital a/c 25000

To B's Capital a/c 25000

(Being profit on revaluation distributed among the partners in the ratio of 1:1)