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Question 22 Chapter 4 of +2-Part-1
22. (Preparation of B/S) The following is the Balance sheet of A, B and C as on 31st March 2018. The partner share profits in 4:3:3 and they have decided to share profit in 2:2:1 ratio with effect from 1st April 2018.
| Liabilities | Amount | Assets | Amount |
| Capital: | Cash | 25,000 | |
| A | 1,50,000 | Debtors | 62,500 |
| B | 1,75,000 | B/R | 37,500 |
| C | 1,25,000 | Stock | 1,00,000 |
| Creditors | 1,00,000 | Furniture | 25,000 |
| Machinery | 1,75,000 | ||
| Goodwill | 1,25,000 | ||
| 5,50,000 | 5,50,000 |
The following revaluation were made:
Goodwill Rs.1,50,000; Stock Rs.1,05,000; Provision for D/D is required Rs.5,000; Machinery is decreased by Rs.30,000; Creditors have been reduced by Rs.20,000.
The partners do not want to alter the figures of assets and liabilities. Pass adjustment entry and prepare Balance Sheet.
Partners’ Capital Accounts
| Particular |
A | B | C | Particular | A | B | C | ||
|---|---|---|---|---|---|---|---|---|---|
| To C's Capital A/c | 1,500 | By Balance B/d | 1,50,000 | 1,75,000 | 1,25,000 | ||||
| By B's Capital A/c | 1,500 | ||||||||
| To Balance c/d | 1,50,000 | 1,73,500 | 1,26,500 | ||||||
| 1,50,000 | 1,75,000 | 1,26,500 | 1,50,000 | 1,75,000 | 1,26,500 | ||||
Balance Sheets
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital A/c | Cash | 25,000 | |||
| A | 1,50,000 | Bills Receivables | 37,500 | ||
| B | 1,73,500 | Stock | 1,00,000 | ||
| C | 1,.26,500 | 4,50,000 | Debtors | 62,500 | |
| Creditors | 1,00,000 | Furniture | 25,000 | ||
| Machinery | 1,75,000 | ||||
| Goodwill | 1,25,000 | ||||
| 5,50,000 | 5,50,000 | ||||
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Economics Educator
Mrs. Dilgeerjot Kaur holds a B.Com and M.Com degree and has over 9 years of teaching experience in microeconomics, macroeconomics, and business economics.
This guide covers "Question 22 Chapter 4 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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