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Question 21 Chapter 4 of +2-Part-1
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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
- Chapter No. 1 – Accounting Not for Profit Organisations
- 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)
- 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
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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