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CHAPTER 2 ADML Search Animations Slide Show MARMA Review View Help 2 - A ...

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Accounting

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CHAPTER 2 ADML Search Animations Slide Show MARMA Review View Help 2 - A PO Aare A E 11 Shapes Arrange Oud Oried Replads Select Paragraph Drawing Tding Questions Bank 2) Vand K were partners sharing profits and losses as 60% to V and 40% to K. Their Balance Sheet as at ist January, 2005 stood as under Balance Sheet Liabilities Amount Assets Amount Sundry creditors 96,000 Cash in Hand 4,000 Bills Payable 34,000 Sundry deblos 56,000 Capital accounts: Stock 40,000 V: 90,000 I Plant & machinery 120,000 K: 80.000 Land & Buildings 170,000 300.000 300,000 80.000 The partners agreed to admit Einto the firm subject to revaluation of the following items: Stock was to be created for doubtlul debtors (iv) Aliability of R.O 2.600 for outstanding expenses had been omitted to be recorded in the books. E contributed R.O 60.000 as his shore of capital. Required: Prepare the revaluation account, capital accounts and the balance sheet after the above aument. (Ans. Profit on Revaluation: R.O 32,000; Balance Sheet Tolat R.O 334.600) 28 Note 2 E O SUIS

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