Question

What will be the journal entry for reduction of stock at the time of admission of a new partner​

Answer 1

Answer:

Revaluation A/C Dr.

To stock A/C

Answer 2

Journal entry  for reduction of stock

Explanation:

                                  Books of (----Limited)

                                      Journal Entry

Date         Account Title and Explanation       Debit   Credit

              Revaluation                           A/c Dr.     xxx

                To Stock                            A/c                         xxx

                    (Being reduction on revaluation on stock)

Note: Revaluation account will open at the time of admission of a new partner​ and reduction of stock will be deducted from it.

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