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In Accounting equation what is the …

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In Accounting equation what is the transaction of this equation. Purchased goods for cash ₹ 5,000 and on credit ₹ 2,000 plz give me answer

    • Posted by Aakash Kashyap 6 years, 3 months ago

    CBSE > Class 11 > Accountancy
    • 2 answers

    Aakash Kashyap 6 years, 3 months ago

    Ok

    0Thank You

    Ritika Goyal 6 years, 3 months ago

    In the column of asset from cash 5000 will be deducted and from in stock 7000 will be added on the other hand in the liability column 2000 will be added as creditor

    5Thank You

    ANSWER
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    Illustration 62. Given below is the Balance Sheet of Krishna & Suresh who are partners in a firm sharing profits in the ratio of 3 : 2: Liabilities Amount Creditors Bank Overdraft Investment Fluctuation Fund Contingency Reserve Capital A/c : Krishna Suresh 30,000 20,000 21,000 2,000 6,000 5,000 50,000 84,000 Assets Plant Patents Furniture Investments (Market value Stock Debtors Cash 14,000) Amount (₹) 30,000 5,000 3,000 15,000 13,000 17,000 1,000 84,000 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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    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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    CBSE > Class 11 > Accountancy
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