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Question 25 Chapter 6 of +2-Part-1
25. (Revaluation Entries) Record the following in journal on the retirement of A, the firm decided :
(a) To depreciate furniture on a straight-line basis @ 10% p.a. for two years on the cost of Rs. 70,000.
(b) To decrease the value of a stock by 25 %. The total cost is Rs. 15,000.
(c) To bring on record accrued interest @ 12% p.a. on debentures of X & Co. ; of Rs. 50,000 bought at Rs. 60,000.
(d) To appreciate the plant by 10,000.
(e) To create liability for a salary outstanding Rs 5,000.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Revaluation A/c | Dr. | 14,000 | ||
| To Furniture A/c ( decrease 10% of 70,000 for 2 years) | 14,000 | ||||
| ( Being furniture revalued ) | |||||
| b) | Revaluation A/c | Dr. | 3,750 | ||
| To Stock A/c ( decrease 15% of 15,000) | 3,750 | ||||
| ( Being Stock revalued ) | |||||
| c) | Accrued interest A/c(12% of 50,000) | Dr. | 6,000 | ||
| To Revaluation A/c) | 6,000 | ||||
| ( Being accrued interest recorded in the books) | |||||
| d) | Plant A/c | Dr. | 10,000 | ||
| To Revaluation A/c) | 10,000 | ||||
| ( Being plant revalued ) | |||||
| e) | Revaluation A/c | Dr. | 5,000 | ||
| To Outstanding salary A/c | 5,000 | ||||
| ( Being Outstanding salary provided ) | |||||
Comment if you have any questions.
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 25 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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