2. revaluation of Assets and Reassessment of LiabilitiesPass entries i

1.	2. revaluation of Assets and Reassessment of LiabilitiesPass entries in the firm's Journal for the following on admission of a partner(i) Machinery be reduced by 16,000 and Building be appreciated by40000(ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting 80000(iii) Provision for warranty claims be increased by 12,000.
Answer» Answer: REVALUATION a/c Dr 16,000 to MACHINERY a/c Revaluation a/v Dr 4,000 to PDD 4,000 revaluation a/c 12,000 Provision for claims a/c Dr

2. revaluation of Assets and Reassessment of LiabilitiesPass entries in the firm's Journal for the following on admission of a partner(i) Machinery be reduced by 16,000 and Building be appreciated by40000(ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting 80000(iii) Provision for warranty claims be increased by 12,000.

Answer»

Answer:

REVALUATION a/c Dr 16,000

to MACHINERY a/c

Revaluation a/v Dr 4,000

to PDD 4,000

revaluation a/c 12,000

Provision for claims a/c Dr

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