R, N and K are partners sharing profits and losses in the ratio of 4:3:3. On 1st April 2017, R retires and on retirement, the following adjustments are agreed upon: (1) Increase the value of building by 30,000. (ii) Depreciate stock by 5,000 and furniture by 12,000. (iii) Provide an outstanding liability of 1,000 Pass journal entries and prepare revaluation account.
R, N and K are partners sharing profits and losses in the ratio of 4:3:3. On 1st April 2017, R retires and on retirement, the following adjustments are agreed upon: (1) Increase the value of building by 30,000. (ii) Depreciate stock by 5,000 and furniture by 12,000. (iii) Provide an outstanding liability of 1,000 Pass journal entries and prepare revaluation account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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