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

Question 52 Chapter 5 of +2-A

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.

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

 

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)

  • 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

 

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

2 Book 1 min - Question 52 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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