Following information use in Question NO.5

The following is the information about assets and liabilities of M/s. Hanish LLC and its partners A, B and C. They are sharing profits 9:6:3 with total capital of OMR 169,000 as on 31.3.2020.

Particular	OMR	Particular	OMR
Cash	58,500	Bank Loan	52,000
Sundry Debtors	91,000	Bonds	65,000
Stock	32,500	Bills Payable	104,000
Machinery	52,000	Sundry Creditors	130,000
Land	91,000	Bank Overdraft	32,500
Furniture	32,500	Plant	78,000
Premises	52,000	Profit & Loss A/C	32,500
Building	130,000	Bill Receivable	32,500

The capital contributed by the partners is OMR 78,000, OMR 52,000, and OMR 39,000 respectively. The firm accumulated its past profits in the name General Reserve is OMR 65,000. On 1.4.2020 they decided to admit D into the partnership for 1/5^th of the future profits with the terms that D shall bring in a capital of OMR 65,000.

Goodwill of the firm is being valued at OMR 52,000. The assets like Machinery, Land, Buildings and Plant are to be appreciated by 10% and Stock, Furniture, Premises are to be depreciated by 5%.

The Provision for Doubtful Debts against Sundry Debtors is to be made @ 5%. Discount on Creditors @ 2.5% received from Sundry Creditors. The Provision for outstanding liability is to be created at OMR 5,200 and Bank Loan is to be maintained

Q5.

Journalize the above transactions with narrations and prepare the Revaluation Account. Give your comment with reasons about the values which are debited and credited in the Revaluation

Account. (2+2+1 = 5 Marks)