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The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2 Liabilities Amount (RO) Creditors Bills Payable General Reserves Capital Accounts A B с Assets 100,000 Cash at Bank 40,000 Stock 50,000 Debtors 200,000 Furniture 175,000 Land and Buildings 125,000 690,000 Amount (RO) 75,000 125,000 150,000 40,000 300,000 Stock is to be depreciated by Land and Buildings is to be appreciated by 690,000 They Admit D into Partnership giving him 1/5th share of profits on the following terms: D brings in his capital Provision is be made for outstanding expenses Goodwill already appears in the books Furniture is to be written down by 125,000 105,000 100,000 12.50% 7.50% 15.0% Write the Necessary Journal Entries. Prepare Revaluation Account, Capital Accounts and Balance sheet of the firm as newly constituted.

The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2 Liabilities Amount (RO) Creditors Bills Payable General Reserves Capital Accounts A B с Assets 100,000 Cash at Bank 40,000 Stock 50,000 Debtors 200,000 Furniture 175,000 Land and Buildings 125,000 690,000 Amount (RO) 75,000 125,000 150,000 40,000 300,000 Stock is to be depreciated by Land and Buildings is to be appreciated by 690,000 They Admit D into Partnership giving him 1/5th share of profits on the following terms: D brings in his capital Provision is be made for outstanding expenses Goodwill already appears in the books Furniture is to be written down by 125,000 105,000 100,000 12.50% 7.50% 15.0% Write the Necessary Journal Entries. Prepare Revaluation Account, Capital Accounts and Balance sheet of the firm as newly constituted.

FINANCIAL ACCOUNTING
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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The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2 Liabilities Amount (RO) Creditors Bills Payable General Reserves Capital Accounts A B C Assets 100,000 Cash at Bank 40,000 Stock 50,000 Debtors 200,000 Furniture 175,000 Land and Buildings 125,000 690,000 Amount (RO) 75,000 125,000 150,000 40,000 300,000 690,000 They Admit D into Partnership giving him 1/5th share of profits on the following terms: D brings in his capital Provision is be made for outstanding expenses Goodwill already appears in the books Furniture is to be written down by 125,000 105,000 100,000 12.50% 7.50% 15.0% Stock is to be depreciated by Land and Buildings is to be appreciated by Write the Necessary Journal Entries. Prepare Revaluation Account, Capital Accounts and Balance sheet of the firm as newly constituted. Q3
Transcribed Image Text:The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2 Liabilities Amount (RO) Creditors Bills Payable General Reserves Capital Accounts A B C Assets 100,000 Cash at Bank 40,000 Stock 50,000 Debtors 200,000 Furniture 175,000 Land and Buildings 125,000 690,000 Amount (RO) 75,000 125,000 150,000 40,000 300,000 690,000 They Admit D into Partnership giving him 1/5th share of profits on the following terms: D brings in his capital Provision is be made for outstanding expenses Goodwill already appears in the books Furniture is to be written down by 125,000 105,000 100,000 12.50% 7.50% 15.0% Stock is to be depreciated by Land and Buildings is to be appreciated by Write the Necessary Journal Entries. Prepare Revaluation Account, Capital Accounts and Balance sheet of the firm as newly constituted. Q3
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