The books of Anurag could not …

The books of Anurag could not be tallied. The accountant transferred the difference of 1,030 in the Suspense Account on the debit side. The following mistakes were found later on. Rectify these errors by passing Journal Entries and prepare Suspense Account: i. The purchase of 610 from Kishore was entered into Sales Book but Kishore's personal account was rightly credited, ii. Sale of old furniture of 2,500 was credited to Sales Account as 250. iii. Goods returned to Tushar 8,000 were posted to the credit of Rahul as 7,000. iv. Credit sales to Raju 3,000 were recorded in the Purchases Book. However, Raju's Account was correctly debited. v. Goods returned to Rakhi for 720 were recorded in the Sales Return Book. However, vi. Rakhi's Account was correctly debited, vii. Credit purchases from Amit for 2,300 were posted to the debit of Parveen as 3,200.

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.​

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.

Features of accounting ?

Paid cash to kamlesh rs 15000

What is bad depts and how we can show in journal and ledger

Show the Accounting equation for the following transaction (i)Gopinath started business with cash

Accounting equation practical problem so Accounts

Started business with cash RS 90000 stock 30,000 Purchase परचेज फर्नीचर परचेज फर्नीचर फॉर कैश फॉर कैश 15000 में चेक पैड कैरिंग चार्ज रुपीस 1000 इन कैश सोल 1 की 2 का अबोव स्टॉक तो राम ऑन क्रेडिट रिसीव फ्रॉम राम आफ्टर ए डिस्काउंट का 200 रेंट पैड रुपीस 7000 आउट ऑफ़ व्हिच 2000 इस प्रिपेयर्ड

Goods of the selling price of 3000 are further withdrawn by Sonia for personal use 20% of cost is added to fix up the selling price

Chapter 3 question number 21