A, B and C were partners, sharing profits and losses in the ratio of 2 : 2 : 1. B decides to retire on 31st March, 2019. On the date of his retirement, some of the assets and liabilities appeared in the books as follows:Creditors ₹ 70,000; Building ₹ 1,00,000; Plant and Machinery ₹ 40,000; Stock of Raw Materials ₹ 20,000; Stock of Finished Goods ₹ 30,000 and Debtors ₹ 20,000.Following was agreed among the partners on B's retirement:(a) Building to be appreciated by 20%.(b) Plant and Machinery to be reduced by 10%.(c) A Provision of 5% on Debtors to be created for Doubtful Debts.(d) Stock of Raw Materials to be valued at ₹ 18,000 and Finished Goods at ₹ 35,000.(e) An Old Computer previously written off was sold for ₹ 2,000 as scrap.(f) Firm had to pay ₹ 5,000 to an injured employee.Pass necessary Journal entries to record the above adjustments and prepare the Revaluation Account.

A, B and C were partners, sharing profits and losses in the ratio of 2

1.	A, B and C were partners, sharing profits and losses in the ratio of 2 : 2 : 1. B decides to retire on 31st March, 2019. On the date of his retirement, some of the assets and liabilities appeared in the books as follows:Creditors ₹ 70,000; Building ₹ 1,00,000; Plant and Machinery ₹ 40,000; Stock of Raw Materials ₹ 20,000; Stock of Finished Goods ₹ 30,000 and Debtors ₹ 20,000.Following was agreed among the partners on B's retirement:(a) Building to be appreciated by 20%.(b) Plant and Machinery to be reduced by 10%.(c) A Provision of 5% on Debtors to be created for Doubtful Debts.(d) Stock of Raw Materials to be valued at ₹ 18,000 and Finished Goods at ₹ 35,000.(e) An Old Computer previously written off was sold for ₹ 2,000 as scrap.(f) Firm had to pay ₹ 5,000 to an injured employee.Pass necessary Journal entries to record the above adjustments and prepare the Revaluation Account.
Answer» A, B and C were partners, sharing profits and losses in the ratio of 2 : 2 : 1. B decides to retire on 31st March, 2019. On the date of his retirement, some of the assets and liabilities appeared in the books as follows: Creditors ₹ 70,000; Building ₹ 1,00,000; Plant and Machinery ₹ 40,000; Stock of Raw Materials ₹ 20,000; Stock of Finished Goods ₹ 30,000 and Debtors ₹ 20,000. Following was agreed among the partners on B's retirement: (a) Building to be appreciated by 20%. (b) Plant and Machinery to be reduced by 10%. (c) A Provision of 5% on Debtors to be created for Doubtful Debts. (d) Stock of Raw Materials to be valued at ₹ 18,000 and Finished Goods at ₹ 35,000. (e) An Old Computer previously written off was sold for ₹ 2,000 as scrap. (f) Firm had to pay ₹ 5,000 to an injured employee. Pass necessary Journal entries to record the above adjustments and prepare the Revaluation Account.

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