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Question 52 Chapter 5 of +2-A
52. 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.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Investment A/c | Dr | 20,000 | |||
| To Revaluation A/c | 20,000 | ||||
| (Being Unrecorded asset recorded in the books) | |||||
| Revaluation A/c | Dr | 5,000 | |||
| To Creditor A/c | 5,000 | ||||
| (Being recording of unrecorded liability for goods) | |||||
| Creditor A/c | Dr | 1,600 | |||
| To Revaluation A/c | 1,600 | ||||
| (Being Creditor include amount which is not likely to claim, So written off) | |||||
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.52 | 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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