Sharif and Huda were partners sharing profit and loss in the ratio of 3:2. They decided to admit Fatima into the partnership and revalue their assets and liabilities as indicated here under: To bring into record investment of R.O 18,000 which had not so far been recorded in the books of the firm? > To depreciate stock, furniture and machinery by R.O 18,000, R.O 6,000 and R.O 30,000 respectively. > To provide for workmen's compensation of R.O 24,000. Required: show the revaluation account
Sharif and Huda were partners sharing profit and loss in the ratio of 3:2. They decided to admit Fatima into the partnership and revalue their assets and liabilities as indicated here under: To bring into record investment of R.O 18,000 which had not so far been recorded in the books of the firm? > To depreciate stock, furniture and machinery by R.O 18,000, R.O 6,000 and R.O 30,000 respectively. > To provide for workmen's compensation of R.O 24,000. Required: show the revaluation account
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...
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1) Sharif and Huda were partners sharing profit and loss in the ratio of
3:2. They decided to admit Fatima into the partnership and revalue
their assets and liabilities as indicated here under:
To bring into record investment of R.O 18,000 which had not so far been
recorded in the books of the firm?
> To depreciate stock, furniture and machinery by R.O 18,000, R.O 6,000
and R.O 30,000 respectively.
> To provide for workmen's compensation of R.O 24,000.
Required: show the revaluation account.
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