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26. A) The following is the …

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26. A) The following is the extract from trial Balance Particulars Amount Dr Amount Cr Sundry Debtors Bad debts 1,01,000 2000 Additional information Write off further bad debt 1,000 and provision for bad debts 5% on Debtor . Show relevant extract from the Profit and Loss Account and the Balance Sheet. b) Difference between double entry system and single entry system .

Posted by Gourav Rawat 3 years, 11 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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