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

Question 51 Chapter 5 of +2-A

Table of Contents

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

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

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)

Chapter No. 8 – Company Accounts – Accounting for Share Capital
Chapter No. 9 – Company Accounts – Issue of Debentures
Chapter No. 10 – Redemption of Debentures

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

Advertisement-X

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication