Question 51 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 51 Chapter 5 of +2-A

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.

The solution of Question 51 Chapter 5 of +2-A: –

 

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)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

 

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2 Book 1 min - Question 51 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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