accounting past paper answers
I am solving past papers of Accounts.first i will provide you with partnership Q's.Afterwards other topics will also be provided.Plz notify me if you find any mistake in the solution.
2007 Q.5
journal Entries
=====================DEBIT CREDIT
1.CASH 23000
--------SAEED'S CAPITAL 20000
---------GOODWILL 3000
2. Goodwill 3000
--------Ahmad's Capital 2000
-------- Bilal's Capital 1000
3. Revaluation 840
-----------Building 400
-----------prov. for b/debts 440
4. stock 3000
-----------Revaluation a/c 3000
5. Revaluation a/c 2160
----------Ahmad's Capital 1440
-----------Bilal's Capital 720
B. PARTNER'S CAPITAL ACCOUNT
------------------Ahmad'S CAPITAL A/C
DEBIT CREDIT
---------------------------! b/d-------------15000
---------------------------! Goodwill-------- 2000
c/d ----------------18440 ! Revaluation a/c-1440
------- -------
---------------------18440------------------ 18440
BILAL'S CAPITAL A\C
DEBIT-----------------------------------------CREDIT
----------------------------! B/D --------------10000
----------------------------! Goodwill-----------1000
c/d----------------- 11720! Revaluation----------720
----------------------------- ----------------- ------
---------------------11720 --------------------- 11720
You can also show c's capital account.
C.
Balance Sheet
---------------------------------------------------------------------------
Ahmad's Capital***** 18440 ! Plant & machinery*******3600
bilal's Capital*******11720 ! Stock***************25000
C's capital*********20000 ! Debtors************* 15000
Bank o/d ********* 15000 ! less:- prov.b\debt ****** (440)
Creditors********** 2000 ! Cash ***************24000
****************--------- ******************** ---------
****************67160 ***********************67160
--------- ---------
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