ADMISSION OF A PARTNER
3.161
(Stock appearing in the books at 12.000 is to be revalued at 13.000
(i) Building appearing in the books at * 50,000 is to be revalued at 55.000
(iii) Investment not appearing in the books are now worth $ 3.000
(iv) Outstanding Repair Bills * 2.000
(v) Unrecorded liability towards suppliers for 3.000.
(vi) Ramesh, an old customer whose balance of account for 3.000 was
written off as bad in the previous year, agreed to pay of his debt during
the year
Ans: Profit on Revaluation * 7.000]
Answers
Answer:
ADMISSION OF A PARTNER
3.161
(Stock appearing in the books at 12.000 is to be revalued at 13.000
(i) Building appearing in the books at * 50,000 is to be revalued at 55.000
(iii) Investment not appearing in the books are now worth $ 3.000
(iv) Outstanding Repair Bills * 2.000
(v) Unrecorded liability towards suppliers for 3.000.
(vi) Ramesh, an old customer whose balance of account for 3.000 was
written off as bad in the previous year, agreed to pay of his debt during
the year
Ans: Profit on Revaluation * 7.000]ADMISSION OF A PARTNER
3.161
(Stock appearing in the books at 12.000 is to be revalued at 13.000
(i) Building appearing in the books at * 50,000 is to be revalued at 55.000
(iii) Investment not appearing in the books are now worth $ 3.000
(iv) Outstanding Repair Bills * 2.000
(v) Unrecorded liability towards suppliers for 3.000.
(vi) Ramesh, an old customer whose balance of account for 3.000 was
written off as bad in the previous year, agreed to pay of his debt during
the year
Ans: Profit on Revaluation * 7.000]ADMISSION OF A PARTNER
3.161
(Stock appearing in the books at 12.000 is to be revalued at 13.000
(i) Building appearing in the books at * 50,000 is to be revalued at 55.000
(iii) Investment not appearing in the books are now worth $ 3.000
(iv) Outstanding Repair Bills * 2.000
(v) Unrecorded liability towards suppliers for 3.000.
(vi) Ramesh, an old customer whose balance of account for 3.000 was
written off as bad in the previous year, agreed to pay of his debt during
the year
Ans: Profit on Revaluation * 7.000]