Question

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in the admissio
Revaluation of Assets and Liabilities
Q. 47. Pass journal entries to record the following transactions on the ad
new partner :
(i) Land and Building is undervalued by 22,00,000.
(ii) Stock is overvalued by 20% (Book Value of Stock 60,000)
(ii) Provision to be made for compensation of 20,000 to an ex-emplove
(iv) Sundry Debtors appeared in the books at 1,50,000. They are esti
produce not more than 1,30,000.
(V) Creditors include an amount of 10,000 received as commission.
(vi) A bill of exchange of 40,000 which was previously discounted wi
banker, was dishonoured on 31st March, 2018 but no entry has been
for it.
vii) Value of Machinery is to be decreased to 1,20,000 (Book Value 52
jii) Value of Machinery is to be decreased by 1,20,000 (Book Value 52.
ix) Expenses on revaluation amount to 8,000 have been paid by partner
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Answer 1

what was the topic say clearly