Question

· A, B and C were partners in a firm. B retired and his claim including his capital and share of goodwill wa
21,80,000. There was an unrecorded furniture estimated at 9,000, half of which was given for an unrecorded
liability of 18,000 in settlement of claim of 9,000 and remaining half was taken by B at a discount of 10%
in part satisfaction of his claim. Balance of B's claim was discharged by bank draft, Pass necessary Journal
entries to record the above transactions,​

Answer 1

Answer:

first mistake it's not 2180000 it is 180000

Answer 2

Answer:

Explanation:

                                              Journal Entries                                                    

B's capital a/c  4050

   To Furniture A/c                     4050

Furniture A/c         4500

   To Revaluation A/c                        4500

Revaluation A/c     9000

   To unrecorded liability                   9000

A's capital   1500

B's capital   1500

C's capital    1500

   To Revaluation A/c            4500

B's capital     174450

    To Bank A/c                      174450