Preparation of Revaluation Account And Balance Sheet - SS2 Accounting Past Questions and Answers - page 1
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 |
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