Question

were
21. A, B, C are partners in 3 : 2:1 ratio. On 31st March, 2016 the
made :
Furniture * 25,000, revalued at 22,000, Stock * 10,000, revalued at * 4,000, Debtor
40,000, provision required for Doubtful debts @ 10%. Unrecorded liabilities 1,000.
General Reserve was 12,000. The partners have decided to change ratio. The new ratio
will be equal. General reserve account is not to be closed.
Pass journal entries and prepare Revaluation Account.
[Ans. Loss on revaluation 14,000]​

Answer 1

Answer:

21. A, B, C are partners in 3 : 2:1 ratio. On 31st March, 2016 the

made :

Furniture * 25,000, revalued at 22,000, Stock * 10,000, revalued at * 4,000, Debtor

40,000, provision required for Doubtful debts @ 10%. Unrecorded liabilities 1,000.

General Reserve was 12,000. The partners have decided to change ratio. The new ratio

will be equal. General reserve account is not to be closed.

Pass journal entries and prepare Revaluation Account.

[Ans. Loss on revaluation 14,000]