Question 44 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Part - 1

Question 44 Chapter 5 of +2-Part-1

44. Revaluation/Capital A/c/B/S/GST) Usha and Asha are partners in a firm sharing profits in the ratio 3:2. Their Balance sheet on 31st March, 2013 was as follows:

Liabilities		Rs	Assets		Rs
Creditors		27,000	Cash		24,000
General Reserve		18,000	Debtors	48,000
Bills Payable		4,000	Less : Provision for Bad debts	4,800	43,200
Output CGST		500	Stock		30,000
Output SGST		500	Patents		7,400
Capitals			Building		20,400
Usha	40,000
Asha	35,000	75,000
		1,25,000			1,25,000

Neelam is admitted into the partnership giving her 1/5th share in the profits.
Neelam to bring in Rs. 30,000 as her Capital and to bring in her share of Goodwill in cash subject to the following terms:
(a) Goodwill of the firm to be valued at Rs. 50,000.
(b) Stock to be reduced by 10% and Provision for Bad Debts be reduced by Rs. 2,400.
(c) Patents are valueless.
(d) There was a claim against the firm for damages amounting to Rs. 2,000. The claim has now been accepted.
Prepare Revaluation Account, Partners' Capital Accounts, and the Balance Sheet of the new firm.

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The solution of Question 44 Chapter 5 of +2 Part-1: - 

Revaluation Account

Particular		Amount	Particular		Amount
To Stock A/c		3000	By Provision for doubtful A/c		2,400
To Patent A/c		7400
To Claim for Damage A/c		2000
			To Loss on revaluation
			-Usha’s capital A/c 3/5	6,000
			-Asha’s capital A/c 2/5	4,000	10,000
		12,400			12,400

Partners’ Capital Account

Particulars	Usha	Asha	Neelam	Particulars	Usha	Asha	Neelam
To Revaluation A/c	6,000	4,000		By Balance b/d	40,000	35,000
				By General Reserve	10,080	7,200
				By Cash A/c	-	-	30,000
				By Premium A/c	6,000	4,000
To Balance c/d	50,800	42,200	30,000
	56,800	46,200	30,000		56,800	46,200	30,000

Balance Sheet

Liabilities		Amount	Assets		Amount
Creditors		27,000	Cash		64000
Claim for Damages		2,000	Debtors	48,000
Bills Payable		4,000	Less: Provision for Bad debts	2,400	45,600
Output CGST		500	Stock		27,000
Output SGST		500	Building		20,400
Capitals
Usha	50,800
Asha	42,200
Neelam	30,000	1,23,000
		1,57,000			1,57,000

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