Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
9.7k views
in Accounts by (64.4k points)

X, Y and Z are partners sharing profits and losses in the ratio of 5:3:2. Z retires and on the date of his retirement, the following adjustments were agreed upon: 

a. The value of Furniture is to be increased by Rs.12,000. 

b. The value of stock to be decreased by Rs.10,000. 

c. Machinery of the book value of Rs.50,000 is to be depreciated by 10%. 

d. A Provision for Doubtful Debts @ 5% is to be created on debtors of book value of 40,00G 

e. Unrecorded investment worth Rs.10,000. f. An item of Rs.1,000 included in bills payable is not likely to be claimed, hence should be written back. 

Pass necessary Journal entries.

1 Answer

0 votes
by (106k points)
selected by
 
Best answer

Revaluation Account

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...