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Question 43 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Part - 1

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Question 43 Chapter 5 of +2-Part-1

43. (Goodwill is not brought in Cash) The following was the balance sheet of Ajay, Vijay and Kamal as on 31-3-2018:

Liabilities		Rs	Assets	Rs
Creditors		11,000	Land & buildings	50,000
Bills Payable		6,000	Furniture	7,500
Capital Accounts			Stock	30,000
Ajay	40,000		Debtors	26,500
Vijay	33,500		Cash	1,500
Kamal	25,000	98,500
		1,15,500		1,15,500

They share profits and losses in the ratio of 6: 5: 3. On 1-4-2015 they agreed to admit Subodh into partnership and give him a share of 10 paise in the rupee on the following terms:
(i) That Subodh should bring in Rs. 14,840 as capital.
(ii) That stock is depreciated by 10% and furniture by Rs. 900.
(iii) That a reserve of Rs. 1,300 be made for the outstanding repair bills.
(iv) That the value of land and buildings be brought up to Rs. 65,000. (v) That Subodh does not contribute anything for goodwill which was valued Rs. 8,400 for the firm.
Pass necessary journal entries to record the above arrangements and prepare the new Balance Sheet of the firm.

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The video consists solution of question numbers from 42 to 44 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 43 from the flowing video by using time stamps of the video.

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Journal

Date	Particulars		Debit	Credit

1)	Cash A/c	Dr.	14,840
	To Subodh’s Capital A/c			14,840
	(Being capital brought by new partner)

2)	Revaluation A/c	Dr.	5,200
	To Stock A/c			3,000
	To Furniture A/c			900
	To outstanding repairs A/c			1,300
	(Being assets and liabilities revalued)

3)	Land & building A/c	Dr.	15,000
	To Revaluation A/c			15,000
	(Being assets revalued)

4)	Revaluation A/c	Dr.	9,800
	To Ajay’s Capital A/c			4,200
	To Vijay’s Capital A/c			3,500
	To Kamal’s Capital A/c			2,100
	(Being profit on Revaluation Account transferred to Partners capital Account)

5)	Subodh’s Current A/c	Dr.	840
	To Ajay’s Capital A/c			360
	To Vijay’s Capital A/c			300
	To Kamal’s Capital A/c			180
	(Being new partner’s share in goodwill adjusted in Sacrifice ratio 6:5:3)

Revaluation Account

Particular		Amount	Particular	Amount
To Stock A/c		3,000	By Land & Buildings A/c	15,000
To Furniture A/c		900
To O/S Repairs A/c		1,300
To Profit on revaluation transferred to Capital accounts
- Ajay’ capital A/c	4,200
- Vijay capital A/c	3,500
-Kamal capital A/c	2,100	9,800
		15,000		15,000

Particulars	Ajay	Vijay	Kamal	Subodh	Particulars	Ajay	Vijay	Kamal	Subodh
Partners’ Capital Account
					By Balance b/d	40,000	33,500	25,000
					By Revaluation A/c	4,200	3,500	2,100
					By Bank A/c	-	-		14,840
					By Subodh’s Current A/c	360	300	180
To Balance c/d	44,560	37,300	27,280	14,840
	44,560	37,300	27,280	14,840		44,560	37,300	27,280	14,840

Balance Sheet

Liabilities		Amount	Assets	Amount
Creditors		11,000	Land & buildings	65,000
Bills Payable		6,000	Furniture	6,600
Outstanding repair expenses		1,300	Subodh’s current A/c	840
Capital Accounts			Stock	27,000
Ajay	44,560		Debtors	26,500
Vijay	37,300		Cash(1500+14,840)	16,340
Kamal	27,280
Subodh	14,840	1,23,980

		1,42,280		1,42,280

Working Notes :

Total goodwill of the firm	=	Rs 8,400
Total Sales	=	1	X	8,400
	=	10	X	8,400

	=	840 Not brought in cash

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Question 43 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Part - 1

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