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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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; (iv) Furniture (Book Value ₹50,000) is to be reduced by 40%; (v) Furniture (Book Value ₹50,000) is to be reduced to 40%.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| (i) | Revaluation A/c Dr. | 16,000 | ||
| To Machinery A/c | 16,000 | |||
| Building A/c Dr. | 40,000 | |||
| To Revaluation A/c | 40,000 | |||
| (ii) | Revaluation A/c Dr. | 4,000 | ||
| To Provision for Doubtful Debts A/c (5% of 80,000) | 4,000 | |||
| (iii) | Revaluation A/c Dr. | 12,000 | ||
| To Provision for Warranty Claims A/c | 12,000 | |||
| (iv) | Revaluation A/c Dr. (40% of 50,000) | 20,000 | ||
| To Furniture A/c | 20,000 | |||
| (v) | Revaluation A/c Dr. (50,000 reduced to 20,000) | 30,000 | ||
| To Furniture A/c | 30,000 |
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 "T.S. Grewal Class 12 Chapter 4 Q.43 - Admission of a Partner", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 4 - Admission of a Partner.
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