Question 22 Chapter 4 of +2-Part-1
22. (Preparation of B/S) The following is the Balance sheet of A, B and C as on 31st March 2018. The partner share profits in 4:3:3 and they have decided to share profit in 2:2:1 ratio with effect from 1st April 2018.
| Liabilities | Amount | Assets | Amount |
| Capital: | Cash | 25,000 | |
| A | 1,50,000 | Debtors | 62,500 |
| B | 1,75,000 | B/R | 37,500 |
| C | 1,25,000 | Stock | 1,00,000 |
| Creditors | 1,00,000 | Furniture | 25,000 |
| Machinery | 1,75,000 | ||
| Goodwill | 1,25,000 | ||
| 5,50,000 | 5,50,000 |
The following revaluation were made:
Goodwill Rs.1,50,000; Stock Rs.1,05,000; Provision for D/D is required Rs.5,000; Machinery is decreased by Rs.30,000; Creditors have been reduced by Rs.20,000.
The partners do not want to alter the figures of assets and liabilities. Pass adjustment entry and prepare Balance Sheet.
The solution of Question 22 Chapter 4 of +2 Part-1: –
| Partners’ Capital Accounts |
|||||||||
| Particular |
A | B | C | Particular | A | B | C | ||
| To C’s Capital A/c | 1,500 | By Balance B/d | 1,50,000 | 1,75,000 | 1,25,000 | ||||
| By B’s Capital A/c | 1,500 | ||||||||
| To Balance c/d | 1,50,000 | 1,73,500 | 1,26,500 | ||||||
| 1,50,000 | 1,75,000 | 1,26,500 | 1,50,000 | 1,75,000 | 1,26,500 | ||||
| Balance Sheets |
|||||
| Liabilities | Amount | Assets | Amount | ||
| Capital A/c | Cash | 25,000 | |||
| A | 1,50,000 | Bills Receivables | 37,500 | ||
| B | 1,73,500 | Stock | 1,00,000 | ||
| C | 1,.26,500 | 4,50,000 | Debtors | 62,500 | |
| Creditors | 1,00,000 | Furniture | 25,000 | ||
| Machinery | 1,75,000 | ||||
| Goodwill | 1,25,000 | ||||
| 5,50,000 | 5,50,000 | ||||
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
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)
Check out Part 2 of both books.
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication