Question

Pass necessary Journal entries to record the following transactions on the admission of C, as a partner in the Journal of A and B, who are sharing profits in the ratio of 2:3.

Extract of Balance sheet
particulars
Rs
Assets
Rs


Creditors
48,000
Machinery
Stock
Furniture
20,000(old)
18,000
60,000

Additional information
1)The value of Machinery is increased to Rs.50,000.(current value)
Machinery. A/c. Dr
To, revaluation A/c
(being increase in value of asset)




2)The value of Machinery is decreased to Rs. 15,000.

3)The value of Machinery to be appreciated by 5% .

1)value of Furniture is decreased to Rs.30,000.


2)The value of Furniture be reduced by 10%.
3) Furniture be Valued at Rs. 40,000.

1)Stock is to be reduced by 10%.
2)Stock. Was overvalued by Rs. 2,000.




1)creditors are to be paid Rs. 2000 more.
2)A liability of Rs. 2,500 included in creditors is not likely to arise. (not to be paid. )
.
3)It is found that the creditors included a sum of Rs. 12,000 which was not to be paid.

Answer 1

Answer:

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