4. Machinery is to be valued at 5%more than its book value .
5. Motor car is revalued at ?15500 . Retiring partner took over motor car at this value.
6. Deepak be paid ?2000 in cash and balance be transferred to his loan a/c .
Show necessary journal entries . Prepare revaluation a/c ,capital a/c and opening balance sheet of continuing partners.

4. Machinery is to be valued at 5%more than its book value . 5. Motor car is revalued at ?15500 . Retiring partner took over motor car at this value. 6. Deepak be paid ?2000 in cash and balance be transferred to his loan a/c . Show necessary journal entries . Prepare revaluation a/c ,capital a/c and opening balance sheet of continuing partners. Naveen and Deepak were partners shortng profits and at April 201 S. their Balance Sheet "-as as follows 30. (AN) 7.00-0 Cash in hand Less Provision Stexk 9.000 Plant and Machinery Motor Car Build' ngs 191") 13 48 rk-e•ruÅ retired on the above date as per the following terms : . of the firm valued at t 21,000. ' LA•aprreciatedby for doubtful debts should he on debtors,

Dear Student,
 
Journal
Date Particulars L.F. Debit
Amount
(Rs)
Credit
Amount
(Rs)
           
  Manoj’s Capital A/c Dr.   1,333  
  Naveen’s Capital A/c Dr.   1,000  
  Deepak’s Capital A/c     667  
    To Old Goodwill A/c       3,000
  (Old goodwill written off)        
           
  Manoj’s Capital A/c Dr.   2,667  
  Naveen’s Capital A/c     2,000  
    To Deepak’s Capital A/c       4,667
  (Goodwill credited to Deepak)        
           
 
Revaluation Account
Dr.   Cr.
Particulars Amount
Rs
Particulars Amount
Rs
Motor Car 4,500 Stock 1,350
    Provision for DD 450
    Machinery 900
    Loss on Revaluation  
    Manoj 800  
    Naveen 600  
    Deepak 400 1,800
       
  4,500   4,500
       
 
Dr. Partners’ Capital Accounts Cr.
Particulars Manoj Naveen Deepak Particulars Manoj Naveen Deepak
Revaluation A/c 800 600 400 Balance b/d 50,000 39,000 30,000
Old Goodwill A/c 1,333 1,000 667 Manoj’s Capital A/c     2,667
Motor Car     15,500 Naveen’s Capital A/c     2,000
Deepak’s Capital A/c 2,667 2,000          
Cash A/c     2,000        
Deepak Loan’s A/c     16,100        
Balance c/d 45,200 35,400          
  50,000 39,000 34,667   50,000 39,000 34,667
               
 
Balance Sheet
Liabilities Amount
Rs
Assets Amount
Rs
Creditors 7,000 Cash (5,900 – 2,000) 3,900
Capital A/c   Debtors (Less Provision) 18,050
Manoj 45,200   Stock 14,850
Naveen 35,400 80,600 Building 48,000
Deepak’s Loan 16,100 Plant & Machinery 18,900
  1,03,700   1,03,700
       

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