At the time of admission of a partner Suresh, assets and liabilities of Ramesh and Naresh were revalued as follows: (a) A Provision for Doubtful Debts @10% was made on Sundry Debtors (Sundry Debtors Rs. 50,000). (b) Creditors were written back by Rs.5,000. (c) Building was appreciated by 20% (Book Value of Building Rs. 2,00,000). (d) Unrecorded Investments were valued at Rs. 15,000. (e) A Provision of Rs. 2,000 was made for an Outstanding Bill for repairs. (f) Unrecorded Liability towards suppliers was Rs. 3,000. Pass necessary Journal entries.


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