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Question 24 Chapter 4 of USHA Publication 12 Class Part - 1

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Focus Topic:Question 24 Chapter 4 of USHA Publication 12 Class Part - 1

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Question 24 Chapter 4 of +2-Part- 1

24. (Revaluation entries/ Capital a/c/ Balance sheet) X, Y and Z are partners in 6:3:1 ratio. Their balance sheet was as under on the date of change of profit ratio which is 2:1:2 for future.

Liabilities		Amount	Assets	Amount
Reserves		6,000	Cash at bank	2,400
Workmen Compensation Reserve		3,000	Building	16,000
Bank loan		9,000	Investments	6,000
Capital A/c			Stock	4,000
X	12,000		Debtors	3,600
Y	8,000		Machinery	14,000
Z	8,000	28,000
		46,000		46,000

The following evaluations were made:

Goodwill valued at Rs.4,000.
A bank loan was reduced to Rs.8,000.
The building is decreased by 10% and machinery is valued at 95% of book value.
Pass entries without opening revaluation account. Prepare Capital account and Balance Sheet.

The solution of Question 24 Chapter 4 of +2- Part- 1: -

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Journal

Date	Particulars		Debit	Credit

(i)	Goodwill a/c	Dr.	4,000
	Bank Loan a/c	Dr.	1,000
	To X’s Capital a/c			3,000
	To Y’s Capital a/c			1,500
	To Z’s Capital a/c			500
	(Being goodwill and decrease in amount bank loan transfer to partners’ capital A/c in their Old Profit-sharing ratio)

(ii)	X’s Capital a/c	Dr.	1,380
	Y’s Capital a/c	Dr.	690
	Z’s Capital a/c	Dr.	230
	To Building a/c			1,600
	To Machinery			700
	(Being decrease in the value of assets transfer to partners’ capital A/c in their Old Profit-sharing ratio)

(iii)	X’s Capital a/c	Dr.	2,000
	Y’s Capital a/c	Dr.	1,000
	Z’s Capital a/c	Dr.	2,000
	To Goodwill a/c			4,000
	To Bank Loan a/c			1,000
	(Being goodwill and decrease in amount of bank loan reversed in New Profit-sharing ratio)

(iv)	Building a/c	Dr.	1,600
	Machinery a/c	Dr.	700
	To X’s Capital a/c			920
	To Y’s Capital a/c			460
	To Z’s Capital a/c			920
	(Being decrease in the value of assets reversed in New Profit-sharing ratio)

Partners’ Capital Accounts

Particular	X	Y	Z	Particular	X	Y	Z
To Building A/c	960	480	160	By Balance B/d	12,000	8,000	8,000
To Machinery A/c	420	210	70	By Goodwill a/c	2,400	1,200	400
To Goodwill A/c	1,600	800	1,600	By Bank Loan A/c	600	300	100
To Bank Loan A/c	400	200	400	By Building A/c	640	320	640
				By Machinery A/c	280	140	280
				By Reserves A/c	3,600	1,800	600
To Balance c/d	17,940	10,970	8,090	By W. C. R A/c	1,800	900	300
	21,320	12,660	10,320		21,320	12,660	10,320

Balance Sheets

Liabilities		Amount	Assets	Amount
Capital A/c			Cash at bank	2,400
X	17,400		Building	16,000
Y	10,970		Stock	4,000
Z	8,090	37,000	Debtors	3,600
Bank Loan		9,000	Furniture	25,000
			Machinery	14,000


		46,000		46,000

Question 24 Chapter 4 of +2- Part-

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Question 24 Chapter 4 of USHA Publication 12 Class Part - 1

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Question 24 Chapter 4 of +2- Part-

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