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Question 58 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 58 Chapter 5 of +2-A
Question No.58 Chapter No.5 - T.S. Grewal +2 Book 2019-Solution

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Question 58 Chapter 5 of +2-A

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58. At the time of admission of a partner C, assets and liabilities of A and B were revalued as follows:

  1. A Provision for Doubtful Debts @10% was made on Sundry Debtors (Sundry Debtors 50,000).
  2. Creditors were written back by 5,000.
  3. Building was appreciated by 20% (Book Value of Building 2,00,000).
  4. Unrecorded Investments were valued at 15,000.
  5. A Provision of 2,000 was made for an Outstanding Bill for repairs.
  6. Unrecorded Liability towards suppliers was 3,000.
    Pass necessary Journal entries.

 

The solution of Question 58 Chapter 5 of +2-A: –

 

DateParticulars
L.F.DebitCredit
 Creditors A/cDr 5,000 
 Building A/cDr 40,000 
 Investment A/cDr 15,000 
 To X’s Capital A/c   60,000
 (Being recording the Increase in the value of assets and decrease in the value of liabilities in books)    
 Revaluation A/cDr 10,000 
 To Provision for Doubtful Debts A/c   5,000
 To Reserve for outstanding Repairs Bill A/c   2,000
 To Creditors A/c   3,000
 (Being Increase in liabilities, decrease in assets and creation of reserves and provisions transferred to Revaluation Account)    
 Revaluation A/cDr 50,000 
 To Old Partners’ Capital A/c   50,000
 (Being profit on revaluation transfer to partner’s capital a/c)    

 

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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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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