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Question 51 Chapter 5 of +2-A
51. Pass entries in the firm's journal for the following on admission of a partner:
(i) Machinery be reduced by 16,000 and Building be appreciated by 40,000.
(ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to 80,000.
(iii) Provision for warranty claims be increased by 12,000.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Revaluation A/c | Dr | 3,01,000 | |||
| To Machinery A/c | 3,01,000 | ||||
| (Being Value of machinery reduced ) | |||||
| Building A/c | Dr | 40,000 | |||
| To Revaluation A/c | 40,000 | ||||
| (Being value of building appreciated) | |||||
| Revaluation A/c | Dr | 4,000 | |||
| To Provision for Doubtful Debts A/c | 4,000 | ||||
| (Being Provision created for doubtful debts) | |||||
| Revaluation A/c | Dr | 12,000 | |||
| To Provision for Warranty Claims A/c | 12,000 | ||||
| (Being Recording of liability in the books) | |||||
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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 "Q.No.51 | Chapter 5 – Admission of Partner | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1.
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