2100EXERCISES1. E,F and G are partners sharing profits in the ratio of 5:3:2 respec-tively. On 1st January 2002 'F' wanted to retire. On account of thisthey decided to revalue assets and liabilities as below:a) Appreciate Premises by 18000b) Depreciate stock by 1000 Furniture by 500 andMachinery by 2300c) Provide for an outstanding liability for 200Give necessary entries and Prepare revaluation account(M.S. University 2004)(Ans: Revaluation Profit 14000 (7000+4200+2800))2. C,D and E were partners of a firm sharing profit and losses in theratio of 7:6:5 D wished to retire and they decided to revalue theassets and liabilities as given below(i) To bring into books an unrecorded investment 3000(ii) To write off 1000 from Creditors as it was no longer a liability(iii) To write down machinery by 6000 and stock by 3400Prepare Revaluation Account(Ans: Revaluation loss 5400)Ramu, Seenu, Mathu are partners sharing profits and loss in 3:2:1Seenu decided to retire. The firms' goodwill is valuerthe entries under the condition0, Pass(i) Goodwill is raised in the books(ii) Seenu's share in the goodwill is gamhu'sShot on Y11Vivo Al cameraUniv2001)

E,F and G are partners sharing profits in the ratio of 5:3:2 respec- tively. On 1st January 2002 F' wanted to retire. On account of this they decided to revalue assets and liabilities as below: a) Appreciate Premises by 18000 b) Depreciate stock by 1000 Furniture by 500 and Machinery by 2300 c) Provide for an outstanding liability for 200 Give necessary entries and Prepare revaluation account (M.S. University 2004) (Ans: Revaluation Profit 14000 (7000+4200+2800))

E,F and G are partners sharing profits in the ratio of 5:3:2 respec- tively. On 1st January 2002 F' wanted to retire. On account of this they decided to revalue assets and liabilities as below: a) Appreciate Premises by 18000 b) Depreciate stock by 1000 Furniture by 500 and Machinery by 2300 c) Provide for an outstanding liability for 200 Give necessary entries and Prepare revaluation account (M.S. University 2004) (Ans: Revaluation Profit 14000 (7000+4200+2800))

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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