Question 21 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 21 Chapter 4 of +2- Part-

Question 21 Chapter 4 of +2-Part-1

21. (Revaluation account) Prepare revaluation account of a firm of partner A and B:
Creditors gave up claim Rs.4,000; Bills payable reduced by Rs.2,000; Salary outstanding not yet recorded in the books Rs.500; Building Rs.1,00,000 increased to Rs.1,10,000; Machinery Rs.50,000; Half of the machinery was valued at Rs.28,000 and the other half was written off by Rs.7,000; Prepaid Insurance Rs.1,500 not yet recorded in the books.

 

The solution of Question 21 Chapter 4 of +2 Part-1: – 

Revaluation A/c
Particular
Amount Particular Amount
To Outstanding salary 500 By Creditors 4,000
To machinery 7,000 By Bills Payable 2,000
    By Building   10,000
      By Machinery   3,000
      By Prepaid insurance   1,500
To profit on revaluation:          
-A (1/2) 6,500        
-B (1/2) 6,500 13,000      
    20,500     20,500

 

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

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

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

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2 Book 1 min - Question 21 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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