Question

20. (Revaluation A/e) A, B, C are partners in 3:2:1 ratio. On 31st March, 2016 the following
revaluation were made :
Furniture * 25,000, revalued at 22,000, Stock ? 10,000, revalued at 4,000, Debtor
* 40,000, provision required for Doubtful debts @ 10%. Unrecorded liabilities ? 1,000.
General Reserve was 12,000. The partners have decided to change ratio. The new ratio
will be equal. General reserve account is not to be closed.
Pass journal entries and prepare Revaluation Account
(Ans. Loss on revaluation 14,000]
tner A and B.​

Answer 1

Explanation:

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Answer 2

Answer:

Revaluation a/c   Dr   14000

  To Furniture a/c         3000

   To stock a/c            6000

   To  unrecorded liability a/c   1000

   To provision for doubtful debts   4000

A's capital a/c      Dr  7000

B's capital a/c      Dr   4667

C's capital a/c      Dr   2333

    To revaluation a/c       14000

General reserve a/c    Dr    12000

   To A's capital a/c                6000

   To B's capital a/c              4000

 To   C's capital a/c                2000