At the time of admission of a partner Suresh, assets and liabilities of Ramesh and Naresh were revalued as follows: a) A Provision for Doubtful Debts @ 10% was made on Sundry Debtors (Sundry Debtors ₹ 50,000). b) Creditors were written back by ₹ 5,000. c) Building was appreciated by 20% (Books value of Building ₹ 2,00,000). d) Unrecorded Investments were valued at ₹ 15,000. e) A provision of ₹ 2,000 was made for an Outstanding Bill for repairs. f) Unrecorded Liability towards suppliers was ₹ 3,000. Pass necessary Journal entries.
At the time of admission of a partner Suresh, assets and liabilities of Ramesh and Naresh were revalued as follows:
a) A Provision for Doubtful Debts @ 10% was made on Sundry Debtors (Sundry Debtors ₹ 50,000).
b) Creditors were written back by ₹ 5,000.
c) Building was appreciated by 20% (Books value of Building ₹ 2,00,000).
d) Unrecorded Investments were valued at ₹ 15,000.
e) A provision of ₹ 2,000 was made for an Outstanding Bill for repairs.
f) Unrecorded Liability towards suppliers was ₹ 3,000.
Pass necessary Journal entries.
Anurag Pathak Changed status to publish May 21, 2023
