Question

24. Sangeeta, Saroj and Shanti are partners sharing profits and losses in the ratio of 5:3:2. Shanti retired and
on the date of her retirement, following adjustments were agreed:
(a) The value of Furniture is to be increased by 12,000.
(b) The value of stock to be decreased by 10,000.
(c) Machinery of the book value of 50,000 is to be reduced by 10%.
(d) A Provision for Doubtful Debts @ 5% is to be created on debtors of book value of 40,000.
(e) Unrecorded investment worth * 10,000.
u-f) An item of 1,000 included in bills payable is not likely to be claimed, hence, should be written back
les pass necessary Journal entries.
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Answer 1

Answer:

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