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Question 51 Chapter 5 of +2-Part-1
51. (Journal /partner’s cap. A/c/B/S) the balance sheet of Ashish, Achyut, and Akhilesh who shared profits in the ratio 6:5:2 respectively on 31st march, 2018 was under :
| Liabilities | Rs | Assets | Rs | |
| Sundry Creditors | 15,000 | LAND & Buildings | 50,000 | |
| Bills Payable | 7,000 | Furniture | 7,500 | |
| Capital accounts | Stock | 38,000 | ||
| Ashish | 30,000 | Debtors | 15,000 | |
| Achyut | 32,000 | Bills Receivables | 7,500 | |
| Akhilesh | 24,000 | 92,000 | Bank | 4,000 |
| Current accounts | ||||
| Ashish | 4,000 | |||
| Achyut | 3,000 | |||
| Akhilesh | 1,000 | 8,000 | ||
| 1,22,000 | 1,22,000 |
It was decided to admit Anuj on 1st April 2018 and give him 1/10th share in the profits on the following terms :
(a) The new partner would bring in Rs. 15,000 as his share in capital and Rs. 9,000 as goodwill which will directly be taken by the old partners.
(b) Stock would be revalued at Rs. 34,200 and furniture at Rs. 6,600.
(c) Provision for bad debts to be made Rs. 1,300.
(d) Land and Building to be appreciated by Rs. 15,000.
Pass necessary journal entries to record the above arrangement.
Prepare necessary ledger accounts and new Balance sheets of Ashish, Achyut, Akhilesh and Anuj.
We are providing a solution of Question 51 Chapter 5 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
The video consists solution of question numbers from 51 to 52 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 51 from the following video by using time stamps of the video.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 1. | Bank A/c | Dr. | 15,000 | ||
| To Anuj’s Capital A/c | 15,000 | ||||
| (Being cash brought in by a new partner as his capital) | |||||
| 2. | Revaluation A/c | Dr. | 6,000 | ||
| To Stock A/c | 3,800 | ||||
| To Furniture A/c | 900 | ||||
| To provisional for doubtful debts A/c | 1,300 | ||||
| (Being assets are revalued) | |||||
| 3. | Land & Building A/c | Dr. | 15,000 | ||
| To Revaluation A/c | 15,000 | ||||
| (Being revaluation of assets) | |||||
| 4. | Revaluation A/c | Dr. | 9,000 | ||
| To Ashish’s Current A/c | 4,154 | ||||
| To Achyut’s Current A/c | 3,461 | ||||
| To Akhilesh’s Current A/c | 1,385 | ||||
| (Being profit on revaluation distributed) | |||||
| Partners’ Current Account | |||||||||
| Particulars | Ashish | Achyut | Akhilesh | Anuj | Particulars | Ashish | Achyut | Akhilesh | Anuj |
|---|---|---|---|---|---|---|---|---|---|
| By Balance b/d | 4,000 | 3,000 | 1,000 | --- | |||||
| By Revaluation A/c | 4,154 | 3,461 | 1,385 | --- | |||||
| To Balance c/d | 8,154 | 6,461 | 2,385 | --- | |||||
| 8,154 | 6,461 | 2,385 | --- | 8,154 | 6,461 | 2,385 | --- | ||
| Partners’ Capital Account | |||||||||
| Particulars | Ashish | Achyut | Akhilesh | Anuj | Particulars | Ashish | Achyut | Akhilesh | Anuj |
|---|---|---|---|---|---|---|---|---|---|
| By Balance b/d | 36,000 | 32,000 | 24,000 | ||||||
| By Bank Account | 15,000 | ||||||||
| To Balance c/d | 36,000 | 32,000 | 24,000 | 15,000 | |||||
| 36,000 | 32,000 | 24,000 | 15,000 | 36,000 | 32,000 | 24,000 | 15,000 | ||
Balance Sheet
| Liabilities |
Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Sundry Creditors | 15,000 | LAND & Buildings | 65,000 | ||
| Bills payable | 7,000 | Furniture | 6,600 | ||
| Capital accounts | Debtors | 15,000 | |||
| Ashish | 36,000 | Less provision | 1,300 | 13,700 | |
| Achyut | 32,000 | Bills Receivables | 7,500 | ||
| Akhilesh | 24,000 | Bank | 19,000 | ||
| Anuj | 15,000 | 1,07,000 | Stock | 34,200 | |
| Current accounts | |||||
| Ashish | 8,154 | ||||
| Achyut | 6,461 | ||||
| Akhilesh | 2,385 | 17,000 | |||
| 1,46,000 | 1,46,000 | ||||
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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.
This guide covers "Question 51 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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