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Question 52 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 52 Chapter 5 of +2-A
Question No.52 Chapter No.5 - T.S. Grewal +2 Book 2019-Solution

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Question 52 Chapter 5 of +2-A

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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.

The solution of Question 52 Chapter 5 of +2-A: –

 

DateParticulars
L.F.DebitCredit
 Investment A/cDr 20,000 
 To Revaluation A/c   20,000
 (Being Unrecorded asset recorded in the books)    
 Revaluation A/cDr 5,000 
 To Creditor A/c   5,000
 (Being recording of unrecorded liability for goods)    
 Creditor A/cDr 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)

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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