Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Asia, Buthiana, and Samiya are partners in a firm, sharing profit in the ratio of 3: 2:1. Their Balance Sheet as on March 31, 2006

image text in transcribed
Asia, Buthiana, and Samiya are partners in a firm, sharing profit in the ratio of 3: 2:1. Their Balance Sheet as on March 31, 2006 was as follows: Assets Amount (OMR.) 18,000 Debtors Stocks 14,000 Machinery 12,000 28,000 Building On the date of Balance Sheet Samiya retires from firm. It is agreed to adjust the value of assets as follows: (a) Provide a reserve of 5% on Sundry Debtors for Doubtful Debts. (b) Building to be revalued at OMR30,200. (c) Depreciate Machinery by 10%. What is the entry to record the provision for doubtful debts in the revaluation account? What is the entry to record the revalued amount of Building in the revaluation account? What is the entry to record the depreciation on Machinery in the revaluation account

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Volume II

Authors: Mohamed Hanif, Amitabha Mukherjee

4th Edition

9387886239, 978-9387886230

More Books

Students also viewed these Accounting questions

Question

6. What is the dependent variable of this study?

Answered: 1 week ago

Question

How many applicants are you interviewing?

Answered: 1 week ago