Y was indebted to X 4000 on 1 Jan 2020 and sent his acceptance of bill drawn by X payabe 3 months after . X endorsed it on 4 feb 2020 to his creditor Z. on the due date the bill was duly met . jorunalise the above transcation in the books of X,Y,Z
Answers
Explanation:
पुनर्मल्यांकन खाता व साझदारा का पूजा
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
Answer:
Y was indebted to X 4000 on 1 Jan 2020 and sent his acceptance of bill drawn by X payabe 3 months after . X endorsed it on 4 feb 2020 to his creditor Z. on the due date the bill was duly met . jorunalise the above transcation in the books of X,Y,Z