2100 EXERCISES 1. E,F and G are partners sharing profits in the ratio of 5:3:2 respec- tively. On 1st January 2002 'F' wanted to retire. On account of this they decided to revalue assets and...

Extracted text: 2100 EXERCISES 1. E,F and G are partners sharing profits in the ratio of 5:3:2 respec- tively. On 1st January 2002 'F' wanted to retire. On account of this they decided to revalue assets and liabilities as below: a) Appreciate Premises by 18000 b) Depreciate stock by 1000 Furniture by 500 and Machinery by 2300 c) Provide for an outstanding liability for 200 Give necessary entries and Prepare revaluation account (M.S. University 2004) (Ans: Revaluation Profit 14000 (7000+4200+2800)) 2. C,D and E were partners of a firm sharing profit and losses in the ratio of 7:6:5 D wished to retire and they decided to revalue the assets and liabilities as given below (i) To bring into books an unrecorded investment 3000 (ii) To write off 1000 from Creditors as it was no longer a liability (iii) To write down machinery by 6000 and stock by 3400 Prepare Revaluation Account (Ans: Revaluation loss 5400) Ramu, Seenu, Mathu are partners sharing profits and loss in 3:2:1 Seenu decided to retire. The firms' goodwill is valuer the entries under the condition 0, Pass (i) Goodwill is raised in the books (ii) Seenu's share in the goodwill is g am hu's Shot on Y11 Vivo Al camera Univ 2001)