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Question 47 Chapter 6 - Unimax Class 12 Part 1 - 2021
47. A, B and C were partners sharing profits and losses in the ratio of 5:3:2 respectively. On 31st March 2021 their balance sheet was as under:
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| S. Creditors | 11,000 | Building | 20,000 | |
| Reserve fund | 6,000 | machinery | 30,000 | |
| Capital | Stock | 10,000 | ||
| A | 30,000 | Patents | 11,000 | |
| B | 25,000 | Debtors | 8,000 | |
| C | 15,000 | 70,000 | Cash at Bank | 8,000 |
| 87,000 | 87,000 |
A died on 1st October, 2021 it was agreed between his executors and the remaining partners that:
Prepare A’s capital a/c and A’s executors a/c as on 1st October 2021.
Revaluation Account
| Particulars | Amount | Assets | Amount |
|---|---|---|---|
| To Patent a/c | 3,000 | By building a/c | 5,000 |
| To machinery a/c | 2,000 | ||
| 5,000 | 5,000 |
A's capital Account
| Particulars | Amount | Assets | Amount |
|---|---|---|---|
| To A’s executor‘s a/c | 57,000 | By balance b/d | 30,000 |
| By res. A/c (6000 × 5/10) | 3,000 | ||
| By B’s capital a/c (18750) | 11,250 | ||
| By C’s capital a/c | 7,500 | ||
| By int. on cap.a/c (30000×10/100×6/12) | 1,500 | ||
| By P/L susp. a/c (15000×6/12×5/10) | 3,750 | ||
| 57,000 | 57,000 |
A’s executor‘s account
| Particulars | Amount | Assets | Amount |
|---|---|---|---|
| To cash a/c | 28,500 | By A’s capital a/c | 57,000 |
| To A‘s executor‘s loan a/c | 28,500 | ||
| 57,000 | 57,000 |
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)
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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