Anja Man and were partnership
respectively. Their lance sheet on 31 starch 200 m
150 000
Creditors
BS Payable
Capital Accounts
Anju
Abanju
Sanju
2.00.000
933000
Manju retired on following terms
1. Building is to be appreciated by 10
IL Creditors of. 20.000 l not be caimed
II. There was an outstanding report of 4000
IV. Provide resene for doubtfuldebos at 10% on debtors
V. Goodwill of firm valued at 150 000
VI. Manju is paid 40 000 in cash and are transferred to her lounaat
Prepare Revaluation Account Partners Capstal Amount and Relance Deet
Answers
Answer:
(i) JOURNAL
1. Cash a/c... Dr. 10500
To C's Capital a/c 7500
To Premium for goodwill a/c 3000
(Being capital and premium for goodwill brought in by C)
2. Premium for goodwill a/c... Dr. 3000
To A's Capital a/c 2000
To B's Capital a/c 1000
(Being premium for goodwill distributed among the partners in the ratio of 2:1)
3. Building a/c... Dr. 2500
To Revaluation a/c 2500
(Being increase in asset transferred to revaluation account)
4. Revaluation a/c.... Dr. 1750
To Plant and Machinery a/c 875
To Stock a/c 500
To Provision for doubtful debts a/c 375
(Being decrease in assets and increase in liabilities transferred to revaluation account)
5. Revaluation a/c... Dr. 750
To A's Capital a/c
Explanation:
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Answer:
(i) JOURNAL
1. Cash a/c... Dr. 10500
To C's Capital a/c 7500
To Premium for goodwill a/c 3000
(Being capital and premium for goodwill brought in by C)
2. Premium for goodwill a/c... Dr. 3000
To A's Capital a/c 2000
To B's Capital a/c 1000
(Being premium for goodwill distributed among the partners in the ratio of 2:1)
3. Building a/c... Dr. 2500
To Revaluation a/c 2500
(Being increase in asset transferred to revaluation account)
4. Revaluation a/c.... Dr. 1750
To Plant and Machinery a/c 875
To Stock a/c 500
To Provision for doubtful debts a/c 375
(Being decrease in assets and increase in liabilities transferred to revaluation account)
5. Revaluation a/c... Dr. 750
To A's Capital a/c
Explanation: