Question 13 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 13 Chapter 4 of +2- Part-

Question 13 Chapter 4 of +2-Part-1

13. (Distribution of old Reserves) A and B share profits in 5:3 ratio. On 31st March, 2018 they had Rs.20,000 in general reserve and Rs.8,000 in (Dr.) Profit and loss a/c. The new ratio with effect from 1st April 2018 will be 3:2. It was decided by partners that before bringing new ratio into force the old ratio (Dr.) and general reserve should be distributed.
Journalise

 

The solution of Question 13 Chapter 4 of +2 Part-1: – 

 

 

Distribution of profit and general reserve on reconstitution of partnership
Particulars
P Q
     
Partners share out of Profit & Loss a/c(Dr.)in 5:3 ratio (Cr.)5,000 (Cr.)3,000
Partners share out of General Reserve a/c in 5:3 ratio (Cr.)12,500 (Cr.)3,000
Adjustment (Cr.)7,500

 

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Chapter No. 1 – Accounting Not for Profit Organisations

Chapter No. 2 – Partnership Accounts – I

Chapter No. 3 – Partnership Accounts – II (Introduction)

Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)

Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)

Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)

Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Chapter No. 1 – Financial Statements of a Company (Balance Sheet Only)

Chapter No. 2 – Techniques of Financial Statement Analysis

Chapter No. 3 – Ratio Analysis 

Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 13 Chapter 4 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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