Question

K and S And P are partners sharing profits in the ratio of 3:2.1. Pass Journal entries for the following on the retirement of K.

(1) Value of furniture is to be increased by Rs.10,000 (Book value of furniture is Rs.50,000).

(ii) Value of furniture is to be increased to Rs.50,000 (Book value of furniture is Rs.40,000).

(iii) Value of furniture is to be brought up to 120% of its

value (Book value of furniture is Rs.20,000).

(iv) Stock is found undervalued by Rs.4,000 (Book value of

stock is Rs. 25,000). (v) Stock is found overvalued by Rs.5,000 (Book value of stock is Rs.30,000).

(vi) A debtor whose dues of Rs.10,000 were written off as bad debts last year, paid Rs.6,000 in full settlement.

(vii) Rent of Rs.5,000 is outstanding.

66%

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(viii) A bill of Rs.2,000 for electricity charges has been omitted be accounted. (ix) Half of Machinery is taken by S for Rs.40,000 and balance

is revalued at Rs. 37,000 (Book value of machinery is

Rs.80,000).

(x) Machinery is taken by P for Rs.70,000 (Book value of machinery is Rs.65,000).

(xi) Out of the amount of insurance premium which was debited to Profit and Loss Account, Rs.5,000 is to be carried forward to next year. or Insurance premium amounting to Rs.15,000 was debited to Profit and Loss Account of which

Rs.5,000 is related to next year.

(xii) There is a claim for damages against the firm for which a provision of Rs. 15,000 is to be made. (xiii) There is a liability of Rs.10,000 included in creditors, that

is not likely to arise. (xiv) An unrecorded accrued income of Rs.12,000 is to be ammounted.




wrong or disgustingness will be reported​

Answer 1

Answer:

I don't understand....... sorry