Preparation of Revaluation Account And Balance Sheet - SS2 Accounting Past Questions and Answers - page 1
Question:
Use the following transactions from the partnership of Gobe and Folus’ Shop to prepare:
-
Revaluation account
-
Balance sheet of the partners
TRIAL BALANCE OF GOBE AND FOLUS’ SHOP FOR THE YEAR ENDED 31 DECEMBER
|
Account Title |
Debit (₦) |
Credit (₦) |
|
Cash |
150,000 |
|
|
Bank |
250,000 |
|
|
Sales |
900,000 |
|
|
Purchases |
500,000 |
|
|
Rent |
80,000 |
|
|
Wages |
150,000 |
|
|
Insurance |
30,000 |
|
|
Telephone |
10,000 |
|
|
Capital (Gobe) |
200,000 |
|
|
Capital (Folu) |
300,000 |
|
|
Total |
1,370,000 |
900,000 |
Answer:
REVALUATION ACCOUNT AS OF 31 DECEMBER
|
Account Title |
Debit (₦) |
Credit (₦) |
|
Sales Purchases Rent Wages Insurance Telephone Capital (Tom) Capital (Greg) Revaluation Total |
500,000 80,000 150,000 30,000 10,000 200,000 300,000 200,000 1,170,000 |
900,000 200,000 1,100,000 |
BALANCE SHEET AS OF 31 DECEMBER
ASSETS ₦
Fixed assets 200000
Current assets
Cash 150000
Bank 250000
Total assets 600000
LIABILITIES AND PARTNER'S EQUITY
Current Liabilities
Rent 80000
Wages 150000
Insurance 30000
Telephone 10000
Total Liabilities 270000
Gobe's capital 200000
Folu's capital 300000
Revaluation 200000
Total Equity 700000
Total Liabilities and Partners' Equity 970000