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Standard VII

Mathematics

Sum / Principal

Pass entries ...

Question

Pass entries in the firm's Journal for the following on admission of a partner:
(i) Unrecorded Investment worth $R s . 20, 000$ .
(ii) Unrecorded liability towards suppliers for $R s . 5, 000$ .
(iii) An item of $R s . 1, 600$ included in Sundry Creditors is not likely to be claimed and hence should be written back.

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Solution

JOURNAL
1. Investment a/c...... Dr. 20000
To Revaluation a/c 20000
(Being unrecorded assettransferred to Revaluation account)

2. Revaluation a/c..... Dr. 5000
To Creditors a/c 5000
(Being unrecorded liability transferred to Revaluation account)

3. Creditors a/c... Dr. 1600
To Revaluation a/c 1600
(Being claim of sundry creditors written back)

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Similar questions

Q. Pass entries in firm's Journal for the following on admission of a partner:
(i) Unrecorded Investments worth ₹ 20,000.
(ii) Unrecorded liability towards suppliers for ₹ 5,000.
(iii) An item of ₹ 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back.

Q. At the time of admission of new partner

C

, the assets and liabilities of

A

and

B

were revalued as follows:
(a) A provision for Doubtful Debts @

10 %

was made on Sundry Debtors (Sundry Debtors

R s . 50, 000

).
(b) Creditors were written back by

R s . 5000

.
(c) Building was appreciated by

20 %

(Book value of Building

R s . 2, 00, 000

).
(d) Unrecorded Investment were worth

R s . 15, 000

.
(e) A Provision of

R s . 2, 000

was made for an Outstanding Bill for repairs.
(f) Unrecorded Liability towards suppliers was

R s . 3, 000

.
Pass necessary Journal entries:

Q. At the time of admission of a partner C, assets and liabilities of A and B 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% (Book 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.

A and B are partners sharing profits in the ratio of 2:1. C is admitted as a new partner and the new ratio is decided as 5:3:2. The assets and liabilities are revalued as:

(i) Building was appreciated by 25% (Book value of Building Rs 4,00,000).

(ii)The provision for doubtful debts was reduced from Rs 5,000 to Rs 3,000.

(iii) A provision for Rs 4,000 was to be made for an outstanding bill for repairs.

(iv) Unrecorded investments were worth Rs 10,000

(v) Unrecorded liability towards suppliers was Rs 12,000

Pass the necessary journal entries.

X, Y

and

Z

are partners sharing profit 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

R s . 12, 000

.
(b) The value of stock to be decreased by

R s . 10, 000

R s . 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

R s . 40, 000

.
(e) Unrecorded investment worth

R s .10, 000

.
(f) An item of

R s . 1, 000

included in bills payable is not likely to be claimed, hence should be written back.
Pass necessary Journal entries.

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Pass entries in the firm's Journal for the following on admission of a partner:(i) Unrecorded Investment worth Rs.20,000.(ii) Unrecorded liability towards suppliers for Rs.5,000.(iii) An item of Rs.1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back.