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Anyone please tell all possible journal entries related to debtors, baddebts, bad debts recovered, provision for bad debts .. during admission of a new partner ( revaluation account) class 12th

Posted by Akriti Singh 4 years, 2 months ago

CBSE > Class 12 > Accountancy

4 answers

Aleena Mariam John 4 years, 2 months ago

Asset decrease Dr side asset increase Cr side liability decrease Cr side liability increase Dr side

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Ritika Mehra 4 years, 2 months ago

Its depend on the increase and decrease of assets and liabilities

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Reyansh Sharma 4 years, 2 months ago

Entries*

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Reyansh Sharma 4 years, 2 months ago

Goodwill wali entrues bnti hai usme to

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ANSWER

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CBSE > Class 12 > Accountancy

0 answers

Madhuri and Arsh were partners in a firm sharing profits and Their Balance Sheet as at 31 ^ (st) * M * a * r * c * h 2019, was as follows: losses in the ratio of 3: 1. Balance Sheet of Madhuri and Arsh As on 31 ^ (st) March, 2019 4 Assets Amount (3) Liabilities Amount () 4,70,000 1,10,000 Capital Madhuri Arsh 1,20,000 2,00.000 Machinery Investments 5,00,000 Debtors Less: Provision for doubtful 60,000 debts Workmen's Compensation Fund (10,000) 1,10,000 Creditors Employees' Provident Fund 1,90,000 Stock 1,10,000 8,60,000 Cash 1,40,000 30,000 8,60,000 On 1 ^ (st) April, 2019, they admitted Jyoti into partnership for 1 / (4 ^ (th)) share in the profits of the firm. Jyoti brought proportionate capital and 40,000 as her share of goodwill premium. The following terms were agreed upon; (i) Provision for doubtful debts was to be maintained at 10% on debtors. (ii) Stock was undervalued by 10,000. (iii) An old customer whose account was written off as bad, paid 15,000.. (iv) 20% of the investments were taken over by Arsh at book value. (v) Claim on account of workmen's compensation amounted to 70,000. (vi) Creditors included a sum of 27,000 which was not likely to be claimed. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy