Qs.2 Asha sold goods worth 19,000 to Nisha on March 2, 2016. 4,000 were
paid by Nisha immediately and for the balance she accepted a bill of exchange
drawn
upon her by Asha payable after three months. Asha discounted the bill
immediately with her bank @ 10% p.a. On the due date Nisha dishonoured
the bill and the bank paid 30 as noting charges.
Record the necessary journal entries in the books of Asha.
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Q. 3. X and Y are partners in a firm sharing profits and losses in the ratio 3:1 Their
balance sheet as on 31" December was as under :-
Balance Sheet
(As on 31 December 2017)
Liabilities
Rs.
Assets
Rs.
Creditors
18000
Cash in hand
7500
Capitals :-
Bills Receivables
1500
X - 17000
Debtors
8000
Y - 5500
22500
Stock
1000
Furniture
10000
Buildings
12500
40500
40500
On 1"' January 2018 they admitted Z into partnership on following terms :-
1. He will pay Rs. 5500 as Capital for 1/5 share of profit.
2. He brings for Goodwill Rs. 2000.
3. Stock and Furniture will be depreciated by 10% and a Provision on Debtors
will be made @ 5%
4. Buiiding will be appreciated by 20%
Prepare revaluation Account and Partners Capital A/C
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