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Retirment

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 October 2011 sir/maam could u plzz tell meanswer for this

on retirement of a partner, a machinery having the book value Rs 120000 is appriciated by 10 % then what would be its entry

thanks in advance
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
12 October 2011 The correct entry as per AS-10 is

Fixed Asset A/c DR
To Revaluation Reserve A/c
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
12 October 2011
Fixed Assets a/c Dr.
To Revaluation Reserve a/c


Revaluation Reserve a/c Dr.
To All Partners a/c
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
13 October 2011 thanks ravi sir for the value addition
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 October 2011 thanks alot ..
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