Question

Impost
ADMISSION OF A PARTNER
3.126
0.51. X and Y are partners. They admit Z as a partner and new profit sharing ratio
is agreed at 3:2:1. The assets and liabilities are revalued as:
(1) A provision for doubtful debts @ 5% be made on Sundry Debtors. (Sundry
Debtors 60,000).
(ii) Building was found under valued by $50,000 and Machinery overvalued by
520,000.
(iii) Part of the stock which had been included at a cost of 10,000 had been badly
damaged in storage and could only expect to realise 2,000.
(iv) Creditors were written off 76,000.
Pass necessary journal entries.
[Ans. Profit on Revaluation *25,000 be credited to X and Y in equal proportion.]
Hint: No. (i) Dr. Building A/c and Cr. Revaluation A/c.
Dr. Revaluation A/c and Cr. Machinery A/C
No. (iii) Dr. Revaluation A/c and Cr. Stock A/c by 8,000.​

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