Friday, January 22, 2016

Journal Entries In the books of Vaishali, Madhuri and Shobha

Journal Entries Solution: Vaishali, Madhuri and Shobha

Problem Statement

Journal Entries In the books of Vaishali, Madhuri and Shobha

Q3. Given below is the balance sheet of Vaishali, Madhuri and Shobha, who were sharing profits and losses in the ratio of 3:3:2.
Balance Sheet Question - Vaishali, Madhuri and Shobha

Solution: Journal Entries

Date Particulars LF Debit (₹) Credit (₹)
1.4.12 Reserve Fund A/c .... Dr. 16000
To Vaishali’s Capital A/c 6000
To Madhuri’s Capital Account 6000
To Shobha’s Capital A/c 4000
[Being the Reserve Fund is transferred. ]
1.4.12 Revaluation A/c ..... Dr. 1200
To Stock A/c 1200
[Being the stock is depreciated]
1.4.12 Revaluation A/c .... Dr. 2800
To Machinery A/c 2800
[Being the Machinery is depreciated]
1.4.12 Furniture A/c .... Dr. 800
To Revaluation A/c 800
[Being the furniture is appreciated]
1.4.12 Revaluation A/c .... Dr. 2000
To R.D.D. A/c 2000
[Being the R.D.D. is charged]
1.4.12 Creditors A/c .... Dr. 400
To Revaluation A/c 400
[Being discount received on creditors]
1.4.12 Vaishali’s Capital A/c .... Dr. 1800
Madhuri’s Capital A/c .... Dr. 1800
Shobha’s Capital A/c .... Dr. 1200
To Revaluation A/c 4800
[Being the loss made on Revaluation ]
1.4.12 Shobha’s Capital A/c ..... Dr. 38800
To Shobha’s Loan A/c 38800
[Being the balance due to retiring partner is transferred to her loan account]

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Location: Maharashtra, India

4 comments:

  1. Unknown03 September, 2019 17:30

    Where's the legder of this problem!? Plz post KT asap 😰

    ReplyDelete
  2. Anonymous14 January, 2020 02:07

    Make revaluation a/c the loss you get is 4800 which is divided into all partners in ratio which is 1800 1800 &1200
    The loan a/c you will get by partner's a/c.... the amount u get by subtracting loss(1200��)from capital a/c of shobha is the loss.(38800)

    ReplyDelete
    Replies
    1. Unknown25 January, 2020 21:21

      Revaluation value of creditor 400 how it's?

      Delete
    2. Chirag11 February, 2020 07:25

      It is like discount given by creditors RS 400

      Delete

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