33B.
December 31, 2018 :
Liabilities
Amount
Assets
Amount
Creditors
Bills Payable
General Reserve
Capital A/cs
Rohit
Bal
30,000
34,000
27,000
4,000
32,500
20,000 Goodwill
8,000 Building
28,000 Plant
Furniture
80,000
Debtors
40,000 1,20,000 Bills Receivable
Stock
Bank
1,76,000
15,000
22,500
11,000
1.76.00
Furniture 2,000, Bills Receivable 12,500.
You are required to show the Journal entries and prepare Revaluation Account
(Ans. Profit on Revaluation 8,000, For Goodwill: Dr. Khosla's Capital A/c 10,000, Cr. Rohit
6,250, Cr. Bal 3,750. For Goodwill written off: Dr. Rohit 18,750 and Dr. Bal 11,25€
Credit Goodwill * 30,000.]
les to give effect to the above arrangements and prepare Revalo
(U.S.E.B., 2010,
(Ans. Revaluation Loss : Ram3 2,878.33; Shyam-7 1,439.17]
Rohit and Bal, sharing profits in the ratio of 5:3, had the following Balance Sheet
On 1st January, 2019, they decided to admit Khosla into the partnership giving him 1/5th share.
He brings in 50,000 as his share of capital. The partners decide to revalue the assets as follows:
Goodwill 50,000, Plant * 25,000, Debtors 31,000, Stock 32,500, Building 40,000,
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