Question 26 Chapter 6 of +2-Part-1
26. (Revaluation A/c) Prepare Revaluation Account of A, B and C on the retirement share of C . Their share in 6:3: 1 ratio.
1. Unrecorded plant of Rs. 7,000 was realised at Rs.5,000.
2. Unrecorded bill for stationery Rs. 6,000 was settled at Rs.4,500.
3. Unrecorded claim of Rs. 3,000 was admitted by giving acceptance for three months.
4. Commission Rs. 4,000 is payable to partner C who is retiring.
5 Partner B has taken over stock of Rs. 7,000 at a value of Rs. 6,000. 6 Partner A has agreed to take responsibility to pay creditors of Rs. 9,000.
Revaluation Account
| Particular |
Amount | Particular | Amount | ||
|---|---|---|---|---|---|
| To Cash A/c | 4,500 | By Cash A/c | 5,000 | ||
| To Bill payable A/c | 3,000 | By Balance c/d | 7,500 | ||
| To C’s capital A/c | 4,000 | ||||
| To Stock A/c | 1,000 | ||||
| 12,500 | 12,500 | ||||
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Creditors A/c | Dr. | 9,000 | ||
| To A’s capital A/c | 9,000 | ||||
| (Being creditors taken over by partner A ) | |||||
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.
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