Please answer both with full explaination and why other options are incorrect Thank YOu 7\ At the time of admission of a partner, furniture is devalued at OMR 9,000. The Journal entry to record the devaluation will be: a\ Debit Furniture account Credit Profit and Loss Appropriation Account b\ Debit Furniture account Credit Revaluation account c\ Debit Revaluation account Credit Furniture account d\ Debit Furniture account Credit Partner’s Capital account 8\ At the time of admission of a partner, plant and machinery is appreciated by 10%. The journal entry to record the appreciation is: a\ Debit Plant and Machinery account Credit Partner’s Capital account b\ Debit Plant and Machinery account Credit Revaluation account c\ Debit Partner’s Capital account Credit Plant and Machinery account d\ Debit Revaluation account Credit Plant and Machinery account
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Please answer both with full explaination and why other options are incorrect
Thank YOu
7\ At the time of admission of a partner, furniture is devalued at OMR 9,000. The
a\ Debit Furniture account Credit
Account
b\ Debit Furniture account Credit Revaluation account
c\ Debit Revaluation account Credit Furniture account
d\ Debit Furniture account Credit Partner’s Capital account
8\ At the time of admission of a partner, plant and machinery is appreciated by 10%. The journal entry to record the appreciation is:
a\ Debit Plant and Machinery account Credit Partner’s Capital account
b\ Debit Plant and Machinery account Credit Revaluation account
c\ Debit Partner’s Capital account Credit Plant and Machinery account
d\ Debit Revaluation account Credit Plant and Machinery account
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