Question

Problems on Revaluation of Assets and Liabilities:
23. A and B are partners in a firm sharing profits and losses in the ratio of 3:2
Pass necessary journal entries in the books of the firm on admission of C.
a new partner, for the following
(0) Stock appearing in the books at Rs. 12,000 is to be revalued at Rs. 13,000
(i) Building appearing in the books at Rs. 50,000 is to be revalued at Rs.
55.000.
de towanie
(iii) Investment not appearing in the books are now worth Rs. 3,000 .
(N) Outstanding Repair Bills Rs. 2,000
(v) Unrecorded liability towards suppliers for Rs. 3,000.
(vi) Ramesh', an old customer whose balance of account for Rs. 3,000 was
written off as bad in the previous year, agreed to pay of his debt during
the year.​

Answer 1

Answer:

Excess of issue price of a debenture over its face value is called ... A, B and C were partners in a firm sharing profits in the ratio of 2 : 2 : 1. C retired. ... New profit sharing ratio was 3 : 3 : 2.