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LoginA, B and C are partners, B retires from the firm, on the date of his retirement stock, sundary debtors and provision of doubtful debts stand in the Books of Account at Rs 50,000, Rs 45,000 and Rs 4,500 respectively. The partners decided to reduce the value of stock to 90%, provision for doubtful debts to be brought to 15% of sundry debtors. The entry made for revaluation of stock will be :
Class 12 Accounts in Class 12 3 years ago
DR. Revaluation A/c - Rs 5,000, Cr. Stock A/c - Rs 5,000
Dr. Profit and LOSS A/c - Rs 5,000, Cr. Stock A/c - Rs 5,000
Dr. B's CAPITAL A/c - Rs 5,000, Cr. Revaluation A/c - Rs 5,000
None of the above
Posted on 04 Dec 2021, this text provides information on Class 12 related to Accounts in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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