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On 1st june,june 2017, A sold …

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On 1st june,june 2017, A sold goods to B for 4000rs and draw a bill on him for 3 months. Before the date of maturity B requested A to renew it, which A does adding 100rs to the new bill for interest. Make the neccessary Journal entries to record these transaction in the books of both A&B.

Posted by Aman Poddar 8 years, 6 months ago

CBSE > Class 11 > Accountancy

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Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

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