Question 45 Chapter 6 of Class 12 Part – 1 - 2024

The solution of Question 45 Chapter 6 of Class 12 Part – 1 - 2024: -

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Revaluation Account

Particulars		Amount	Particulars		Amount
To Stock A/c		1,425	By Loss on revaluation transferred		6,000
To Furniture A/c		500	X’s Capital A/c	2,000
To Provision for Doubtful Debts A/c		1,125	Y's Capital A/c	2,000
To Creditors A/c		3,050	Z's Capital A/c	2,000	6,000
		6,000			6,000

Partners’ Capital Account

Particulars	X	Y	Z	Particulars	X	Y	Z
To Revaluation A/c	2,000	2,000	2,000	By Balance b/d	20,000	14,500	10,000
To Y’s Capital A/c	3,500			By Gen. Reserve A/c	2,500	2,500	2,500
To Cash A/c		19,000		By X’s Capital A/c		3,500
To Balance c/d	28,750		17,250	By Z’s Capital A/c		500
				By Cash A/c (B.fig)	11,750		7,250
	34,250	21,000	19,750		34,250	21,000	19,750

Balance Sheet

Liabilities		Amount	Assets		Amount
Sundry Creditors		12,240	Cash		7,190
Capital A/c			Sundry Debtors	22,500
X	28,750		Less provision	1,125	21,375
Z	17,250	46,000	Stock		24,175
			Furniture		4,500
		58,240			58,240

Cash Account

Particulars		Amount	Particulars		Amount
To balance b/d		16,240	By Creditors A/c		9,050
To X’s Capital A/c		11,750	By Y’s Capital A/c		19,000
To Z’s capital A/c		7,250	By Balance c/d		7,190
		35,240			35,240

Working Note:-

Calculation of gaining ratio of X and Z:

Gaining ratio = New Share - Old Share

X’s gain	=	5	-	1
		8		3
	=	7
		24

Z’s gain	=	3	-	1
		8		3
	=	1
		24

Gaining ratio = 7 : 1

Calculation of Y’s Share of Goodwill:

Firm Goodwill = ₹ 12,000

= Firm Goodwill X Y’s share

Y’s share in the goodwill	=	₹ 12,000	x	1
				3
	=	₹ 4,000

X’s Share	=	₹ 4,000	x	7
				8
	=	₹ 3,500

Z’s Share	=	₹ 4,000	x	1
				8
	=	₹ 500

Calculation of Total Capital of New Firm:

= Balance of X’s Capital A/c + Y’s Payable Amount + Balance of Z’s Capital A/c

= ₹ 17,000 + ₹ 19,000 + ₹ 10,000

= ₹ 46,000

Distribution of new capital among continuing Partner X and Z in New Profit Sharing Ratio:-

X’s New Capital	=	₹ 46,000	x	5
				8
	=	₹ 28,750

Z’s New Capital	=	₹ 46,000	x	3
				8
	=	₹ 17,250

Comment if you have any questions.