On the date of admission of Mr. Vivek as an equal partner, Mr. Vimal a

1.	On the date of admission of Mr. Vivek as an equal partner, Mr. Vimal an existing partner has taken over the Plant and Machinery worth Rs. 10,000 at Rs. 12,000. Identify from the following journal entry to record this transaction.i) Vimai’s Capital A/c Dr 12,000 Plant and machinery A/c 10,000 Revaluation A/c 2,000 ii) Vimai’s Capital A/c Dr 12,000 Plant and machinery A/c 12,000 iii) Plant and Machinery A/c Dr 12,000 Vimai’s Capital A/c 12,000 iv) Vimai’s Capital A/c Dr 12,000 Revaluation A/c 12,000
Answer» i) Vimal’s Capital A/c Dr 12,000 Plant and machinery A/c 10,000 Revaluation A/c 2,000

On the date of admission of Mr. Vivek as an equal partner, Mr. Vimal an existing partner has taken over the Plant and Machinery worth Rs. 10,000 at Rs. 12,000. Identify from the following journal entry to record this transaction.i) Vimai’s Capital A/c Dr 12,000 Plant and machinery A/c 10,000 Revaluation A/c 2,000 ii) Vimai’s Capital A/c Dr 12,000 Plant and machinery A/c 12,000 iii) Plant and Machinery A/c Dr 12,000 Vimai’s Capital A/c 12,000 iv) Vimai’s Capital A/c Dr 12,000 Revaluation A/c 12,000

Answer»

i) Vimal’s Capital A/c Dr 12,000

Plant and machinery A/c 10,000

Revaluation A/c 2,000