Question 36 Chapter 6 - Unimax Class 12 Part 1 - 2021

1. The goodwill of the firm to be  agreed as worth rs.1500.
2. The stock to be agreed as worth rs.4125.
3. Aprovision for doubtful debts (4% on the sundry debtors) to be made.
4. Machinery to be value at rs.3000.
5. Akash to be paid out as to rs.3000 of the amount due tohim by mortgage  at 5% per annum secured on the building and as to the balance by a bill of exchange (without interest )at 3 months.

Set Out Journal Enteries Recording above matters and the balance sheet of Badal as on 30th june 2021 after the adjustment have been made.

The solution of Question 36 Chapter 6 - Unimax Class 12 Part 1: -

Revaluation account

Particulars	Rs.	Particulars		Rs.
To stock a/c	750	By machinery a/c		750
To provision for d.d. a/c	489	By loss transferred to capital a/c
		Akash	244
		Badal	245	489
	1,239			1,239

Partners Capital accounts

Particulars	Akash	Badal	Particulars	Akash	Badal
To loss on rev.	244	245	By balance b/d	7,500	6,000
To Akash's capital a/c		750	By Badal's capital a/c	750
To cash a/c	3,000
To B/P a/c	5,006
To balance c/d		5,005
	8,250	6,000		8,250	6,000

Balance sheet 

Liabilities	Amount	Assets		Amount
Trade creditors	10,500	Building		4,500
Mortgage loan	3,000	Machinery		3,000
Bills payable	5,006	Stock		4,125
Badal's capital a/c	5,005	S. debtors	12,225
		(-) reserve	489	11,736
		Bank balance (150+3000-3000)		150
	23,511			23,511

Journal

Revaluation a/c	Dr.	1,239
To Stock a/c			750
To Provision for d.d			489
Machinery a/c	Dr.	750
To Revaluation  a/c			750
Akash's capital a/c	Dr.	244
Badal's capital a/c	Dr.	245
To Revaluation a/c			489
Badal's capital a/c	Dr.	750
To Akash's capital a/c			750
Cash a/c	Dr.	3,000
To 5% Mortgage (loan) Dr.			3,000
Akash's capital a/c	Dr.	3,000
To cash a/c			3000
Akash's capital a/c	Dr.	5,006
To B/P a/c			5,006

WORKING NOTE: 

1) Cash has been brought on account of loan rs. 3000.

https://tutorstips.com/retirement-of-a-partner-explained-with-illustration/

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication