In TS grewal, pg 5.90 Sum no 29, i need the Revaluation A/c, Partners Capital A/c of M, N, O and the Balance Sheet of the firm on M's retirement..
Revaluation Account | |||
Dr. | Cr. | ||
Particulars | Amount Rs | Particulars | Amount Rs |
Stock | 2,300 | Loss on Revaluation transferred to: |
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Furniture | 500 | M’s Capital A/c | 4,200 |
Plant and Machinery | 750 | N’s Capital A/c | 2,800 |
Building | 4,000 | O’s Capital A/c | 1,400 |
Provision for Doubtful Debts | 850 |
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| 8,400 |
| 8,400 |
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Partners’ Capital Account | |||||||
Dr. | Cr. | ||||||
Particulars | M | N | O | Particulars | M | N | O |
Revaluation A/c (Loss) | 4,200 | 2,800 | 1,400 | Balance b/d | 40,000 | 25,000 | 20,000 |
M’s Capital A/c |
| 2,000 | 1,000 | Profit and Loss A/c | 2,250 | 1,500 | 750 |
Cash A/c | 11,050 |
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| N’s Capital A/c | 2,000 |
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M’s Loan A/c | 30,000 |
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| O’s Capital A/c | 1,000 |
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Balance c/d |
| 21,700 | 18,350 |
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| 45,250 | 26,500 | 20,750 |
| 45,250 | 26,500 | 20,750 |
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Balance Sheet | |||||
Liabilities | Amount Rs | Assets | Amount Rs | ||
Bills Payable | 6,400 | Cash in Hand | 150 | ||
Sundry Creditors | 12,500 | Cash at Bank (25,500 – 11,050) | 14,450 | ||
Capital A/cs: |
| Bills Receivable | 5,400 | ||
N | 21,700 |
| Book Debts | 17,800 |
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O | 18,350 | 40,050 | Less: Provision for Doubtful Debts | (850) | 16,950 |
M’s Loan | 30,000 | Stock | 20,000 | ||
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| Furniture | 3,000 | ||
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| Plant and Machinery | 9,000 | ||
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| Building | 20,000 | ||
| 88,950 |
| 88,950 | ||
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