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A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above.
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A and B are partners sharing profit and losses in the ratio of 5:3.The...
Journal Entries to Record the Revaluation of Assets and Liabilities:
1. Increase in Machinery:
Machinery A/C Dr. 10,000
To Revaluation A/C 10,000
2. Decrease in Furniture:
Revaluation A/C Dr. 2,000
To Furniture A/C 2,000
3. Increase in Land:
Land A/C Dr. 20,000
To Revaluation A/C 20,000
4. Recording of Unrecorded Asset:
Unrecorded Asset A/C Dr. 2,000
To Revaluation A/C 2,000
5. Increase in Liability:
Revaluation A/C Dr. 10,000
To Liability A/C 10,000
6. Recording of Outstanding Expenses:
Revaluation A/C Dr. 1,200
To Outstanding Expenses A/C 1,200
7. Adjustment of General Reserve:
General Reserve A/C Dr. 20,000
To Revaluation A/C 20,000
Explanation:
1. Revaluation of Machinery:
Machinery is revalued upwards by 10,000. To record this revaluation, we debit the Machinery A/C and credit the Revaluation A/C.
2. Revaluation of Furniture:
Furniture is revalued downwards by 2,000. To record this revaluation, we debit the Revaluation A/C and credit the Furniture A/C.
3. Revaluation of Land:
Land is revalued upwards by 20,000. To record this revaluation, we debit the Land A/C and credit the Revaluation A/C.
4. Recording of Unrecorded Asset:
An unrecorded asset of 2,000 is now being recorded. To record this, we debit the Unrecorded Asset A/C and credit the Revaluation A/C.
5. Increase in Liability:
Liabilities are increased by 10,000. To record this increase, we debit the Revaluation A/C and credit the Liability A/C.
6. Recording of Outstanding Expenses:
Outstanding expenses of 1,200 are now being recorded. To record this, we debit the Revaluation A/C and credit the Outstanding Expenses A/C.
7. Adjustment of General Reserve:
The balance of the General Reserve is 20,000. To adjust this balance, we debit the General Reserve A/C and credit the Revaluation A/C.
These journal entries will record the revaluation of assets and liabilities and adjust the necessary accounts accordingly.
1. Increase in Machinery:
Machinery A/C Dr. 10,000
To Revaluation A/C 10,000
2. Decrease in Furniture:
Revaluation A/C Dr. 2,000
To Furniture A/C 2,000
3. Increase in Land:
Land A/C Dr. 20,000
To Revaluation A/C 20,000
4. Recording of Unrecorded Asset:
Unrecorded Asset A/C Dr. 2,000
To Revaluation A/C 2,000
5. Increase in Liability:
Revaluation A/C Dr. 10,000
To Liability A/C 10,000
6. Recording of Outstanding Expenses:
Revaluation A/C Dr. 1,200
To Outstanding Expenses A/C 1,200
7. Adjustment of General Reserve:
General Reserve A/C Dr. 20,000
To Revaluation A/C 20,000
Explanation:
1. Revaluation of Machinery:
Machinery is revalued upwards by 10,000. To record this revaluation, we debit the Machinery A/C and credit the Revaluation A/C.
2. Revaluation of Furniture:
Furniture is revalued downwards by 2,000. To record this revaluation, we debit the Revaluation A/C and credit the Furniture A/C.
3. Revaluation of Land:
Land is revalued upwards by 20,000. To record this revaluation, we debit the Land A/C and credit the Revaluation A/C.
4. Recording of Unrecorded Asset:
An unrecorded asset of 2,000 is now being recorded. To record this, we debit the Unrecorded Asset A/C and credit the Revaluation A/C.
5. Increase in Liability:
Liabilities are increased by 10,000. To record this increase, we debit the Revaluation A/C and credit the Liability A/C.
6. Recording of Outstanding Expenses:
Outstanding expenses of 1,200 are now being recorded. To record this, we debit the Revaluation A/C and credit the Outstanding Expenses A/C.
7. Adjustment of General Reserve:
The balance of the General Reserve is 20,000. To adjust this balance, we debit the General Reserve A/C and credit the Revaluation A/C.
These journal entries will record the revaluation of assets and liabilities and adjust the necessary accounts accordingly.
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A and B are partners sharing profit and losses in the ratio of 5:3.The...
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A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above.
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A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above. for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above. covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above..
A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above. for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above. covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above..
Solutions for A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above. in English & in Hindi are available as part of our courses for Class 12.
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Here you can find the meaning of A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above. defined & explained in the simplest way possible. Besides giving the explanation of
A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above., a detailed solution for A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above. has been provided alongside types of A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above. theory, EduRev gives you an
ample number of questions to practice A and B are partners sharing profit and losses in the ratio of 5:3.They decided to share future profits equally.For this purpose assets and liabilities are revalued as under: a)Machinery will increase by 10000. b) furniture will decrease by 2000. c)land will increase by 20000 d) unrecorded asset is to be recorded now at 2000. e) liability will increase by 10000. f) outstanding expenses 1200. g) the balance of General Reserve was 20000. pass the necessary journal entries to recorded the above. tests, examples and also practice Class 12 tests.
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