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Pass entries in the firm’s Journal for the following on admission of a partner:

i) Machinery be reduced by ₹ 16,000 and Building be appreciated by ₹ 40,000.

ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to ₹ 80,000.

iii) Provisions for warranty claims be increased by ₹ 12,000.

iv) Furniture (Books Value ₹ 50,000) is to be reduced by 40%.

v) Furniture (Books Value ₹ 50,000) is to be reduced to 40%.

Anurag Pathak Changed status to publish May 21, 2023