Question 15 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 15 Chapter 4 of +2- Part-

Question 15 Chapter 4 of +2-Part-1

15. (Balances appearing in B/S ) A, B and C are partners in 4:3:2 ratio. They decided to share the profits in the ratio of 3:2:1. On that date, the following balances were appearing in the balance sheet.

Profit & Loss (Cr.) 25,000
General Reserve 60,000
Deferred Revenue Expenditure 20,000

Pass the journal entries.

 

The solution of Question 15 Chapter 4 of +2 Part-1: – 

 

In the Books of A, B and C
Date Particulars
L.F. Debit Credit
2018          
April 1 Profit and loss a/c Dr.   25,000  
  General Reserve Dr.   60,000  
  To A’s Capital A/c       37,778
  To B’s Capital A/c       28,333
  To C’s Capital A/c       18,889
  (Being profit & loss a/c distributed)        
           
April 1 A’s Capital A/c Dr.   8,889  
  B’s Capital A/c Dr.   6,667  
  B’s Capital A/c Dr.   4,444  
  B’s Capital A/c       20,000
  (Being deferred revenue expenditure shared)        
         

 

 

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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 15 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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