x, Y and Z sharing profits/losses in the ratio of 5:3:2. X retired and his claim, including capital and entitlement from the firm including his share of Goodwill of
the firm is Rs.63,000.
After this amount was determined, it was found that there was an unrecorded piece of Machinery valued at Rs. 20,000 which had to be recorded. Source: Ultimate
Book of Accountancy.
Upon recording this piece of Machinery, the revised amount due to X was determined and settled by giving him this piece of Machinery and Rs. 18,000 paid in cash, balance if any, will be transferred to his loan account.
Give necessary entries.
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Answer:
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Explanation:
Machinery A/c Dr.
To Revaluation A/c
(Being machinery recorded now in the books)
Revaluation A/c Dr.
To X’s Capital A/c
To Y’s Capital A/c
To Z’s Capital A/c
(Being revaluation gain transferred to partners)
X’s Capital A/c Dr. 63,000 + 10,000
To Machinery A/c
To Cash A/c
To X’s Loan A/c
(Being settlement made for the amount due to X)
20,000
20,000
73,000
20,000
10,000
3,000
4,000
20,000
18,000
35,000
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