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Question 49 Chapter 5 - Unimax Class 12 Part 1 - 2021
49. The Balance Sheet of A and B as on 31st March, 2021 is given below :
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Sundry Creditors | 16,000 | Freehold property | 20000 |
| General Reserve | 24,000 | Furniture | 6000 |
| Capital | Stock | 12000 | |
| A | 60000 | Debtors | 80000 |
| B | 30000 | Cash | 12000 |
| 130000 | 130000 |
A and B share profits and losses in the ratio of 2 : 1. They agree to admit P into the firm subject to the following terms and conditions.
(a) P will bring in Rs. 21000 of which Rs. 9000 will be treated as his share of goodwill to be retained in the business.
(b) P will be entitled to 1/4th share of profits of the firm.
(c) A reserve for bad and doubtful debts is to be created at 3% of the debtors.
(d) Furniture is to be depreciated by 5%.
(e) Stock is to be revalued at Rs. 10500.
Prepare revaluation A/c, Capital accounts and Opening Balance Sheet of the new firm.
Revaluation A/c
| Particulars | Amount | Particulars | Amount | |
|---|---|---|---|---|
| To Furniture a/c (5% on 6000) | 300 | By Loss on Revaluation A/c | ||
| To Stock A/c | 1500 | A (2 : 1) | 2800 | |
| To Provision for doubtful debts a/c (3% on 80000) | 2400 | B | 1400 | 4200 |
| 4200 | 4200 |
Capital Accounts
| Particulars | A | B | C | Particulars | A | B | C |
|---|---|---|---|---|---|---|---|
| To Loss on revaluation a/c | 2800 | 1400 | _ | By Balance b/d | 60000 | 30000 | _ |
| To balance c/d | 79200 | 39600 | 12000 | By Cash A/c | _ | _ | 12000 |
| By Premium A/c | 6000 | 3000 | _ | ||||
| By General Reserve A/c ( 2 : 1) | 16000 | 8000 | _ | ||||
| 82000 | 41000 | 12000 | 82000 | 41000 | 12000 |
Balance Sheet
| Liabilities |
Rs. | Assets |
Rs. | ||
|---|---|---|---|---|---|
| Sundry Creditors | 16000 | Freehold Property | 20000 | ||
| Capital Accounts | Furniture | 5700 | |||
| A | 79200 | Stock | 10500 | ||
| B | 39600 | Debtors | 80000 | ||
| C | 12000 | 130800 | Less Provision | 2400 | |
| Cash | 33000 | ||||
| 146800 | 146800 |
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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
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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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14 August 2022
14 August 2022