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Question 44 Chapter 6 of +2 Part-1 - USHA Publication

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Question 44 Chapter 6 of +2-Part- 1

44. (Revaluation A/c/Partner's Capital A/c) A, B and C are partners sharing in 3: 2:1.Their balance sheet is as under:

Liabilities	Rs.	Assets	Rs.
creditors	30,000	Cash	28,000
Bills payable	16,000	Debtors 25,000
GENERAL Reserve	12,000	Less: Provision 3,000	22,000
Capital		Stock	18,000
A	40,000	Furniture	30,000
B	40,000	Machinery	70,000
C	30,000

	1,68,000		1,68,000

B retired on the following terms
(i) Provision for doubtful debts raised by Rs. 1,000.
(ii) Stock depreciated by 10% and furniture by 5%.
(iii) Provide for outstanding claim Rs. 1,100.
(iv) Creditors will be written back by Rs. 6,000.
(v) Goodwill of the firm valued at Rs. 24,000.
(vi) B is paid in full with cash brought in by A and C in such a manner that their capital is in the ratio of their profit ratio which is 3: 2 and cash remains in hand at Rs. 10,000.
Prepare ledger A/cs.

Particulars		Amount	Particulars	Amount
To Provision for doubtful debts A/c		1,000	By Creditors A/c	6,000
To Stock A/c		1,800
To Furniture A/c		1,500
To Outstanding claim A/c		1,100
To Profits transferred
A	300
B	200
C	100	600
		6,000		6,000

Particulars	A	B	C	Particulars	A	B	C
To C’s capital A/c	2,400		5,600	By Balance b/d	40,000	40,000	30,000
To Bank A/c		52,200		By Gen Reserve fund	6,000	4,000	2,000
				By Revaluation A/c	300	200	400
				By A’s capital A/c		2,400
				By C’s capital A/c		5,600
				By Cash A/c (B.fig)	18,860		15,340
To Balance c/d	62,760	-	41,840
	65,160	52,200	47,440		65,160	52,200	47,440

Particulars	Amount	Particulars	Amount
To balance b/d	28,000	By B’s capital A/c	52,200
To A’s Capital A/c	18,860
To C’s capital A/c	15,340	By balance c/d	10,000
	62,200		62,200

B’s share in the goodwill	=	₹ 24,000	x	2
B’s share in the goodwill	=	₹ 24,000	x	6

	=	₹ 8,000

A's Capital Balance	43,900
C's Capital Balance	26,500
Total cash needed to bring*	34,200
Total Capital of the firm after B's retirement	1,04,600

Question 44 Chapter 6 of +2 Part-1 - USHA Publication

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The solution of Question 44 Chapter 6 of +2 Part-1: -

Sarbjit SinghB.Com and M.Com

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Liabilities	Amount	Assets		Amount
Creditors	24,000	Cash		10,000
Bills payable	16,000	Sundry Debtors	25,000
Outstanding claim	1,100	Less provision	4,000	21,000
Capital A/c		Stock		16,200
A	62,760	Furniture		28,500
C	41,840	Machinery		70,000
Outstanding claim	1,100


	1,45,700			1,45,700

Opening Balance of cash	28,000
Less: Cash paid to B	52,200
Less: Closing Cash Balance required	10,000
Total Cash need to bring by A & C	- 34,200

A’s gain	=	3	-	3
A’s gain	=	5	-	6

	=	3
	=	30

C’s gain	=	2	-	1
C’s gain	=	5	-	6

	=	7
	=	30