Question 19 Chapter 4 of +2-Part-1
19. (Revaluation entries) X and Y share profits in 6:7 ratio. The future ratio will be 4:3 from 1st April 2018. They have decided to make a revaluation of assets and liabilities by passing revaluation entries before bringing into force the new ratio.
The following is the position of assets on 1st April 2018 with their revised values
| Book Value | Revised Value | |
| Building | 50,000 | 55,200 |
| Machinery | 25,000 | 22,400 |
| Creditors | 28,000 | 29,300 |
| Stock | 29,000 | 32,900 |
The solution of Question 19 Chapter 4 of +2 Part-1: –
(i) If there is no other information.
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2018 | |||||
| Apr. 1 | Building a/c (Rs.55,200-50,000) | Dr. | 5,200 | ||
| Stock a/c (Rs.32,900-29,000) | Dr. | 3,900 | |||
| To Revaluation A/c | 9,100 | ||||
| (Being increase in the value of assets recorded in the books) | 15,000 | ||||
| Revaluation a/c | Dr. | 2,600 | |||
| To Machinery A/c (Rs.25,000-22,400) | 2,600 | ||||
| (Being decrease in the value of assets recorded in the books). | |||||
| Revaluation A/c | Dr. | 1,300 | |||
| To Creditors A/c | 1,300 | ||||
| (Being increase in the amount of liability recorded in the books) | |||||
| Revaluation a/c (Rs.9,100-3,900) | Dr. | 5,200 | |||
| To X’s Capital a/c | 2,400 | ||||
| To Y’s Capital a/c | 2,800 | ||||
| (Being Profit on revaluation a/c transfer to partners capital a/c in O.P.S.R) | |||||
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
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Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
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