Question 31 Chapter 6 of +2-Part-1
31. (Revaluation A/c/Capital A/c/Balance Sheet) A, B and C were in partnership, sharing profits and losses equally. On 1st April 2016, A retired, when the firm’s Balance sheet was as at under :
| Liabilities | Rs. | Assets | Rs. |
| Capitals | Land and Building | 42,000 | |
| A | 80,000 | Plant & Machinery | 69,800 |
| B | 68,000 | Sundry Debtors | 89,150 |
| C | 78,000 | Investments | 14,330 |
| Creditors | 69,280 | Cash | |
| 2,95,280 | 2,95,280 |
According to partnership deed, assets were to be revalued on A’s retirement as under: Land and Buildings Rs. 58,000; Plant and machinery Rs. 65,640; Investments Rs. 84,000. Besides, Goodwill was then valued at Rs. 96,000. A accepted the investments at their revalued figures in part payment of his dues, B paid Rs. 40,000 as further capital and A was paid off the balance of his account. Prepare the Revaluation Account Partners capital accounts and the revised Balance Sheet of Band C. (No good will account is be raised)
The solution of Question 31 Chapter 6 of +2 Part-1: –
| Revaluation account |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To plant & Machinery A/c | 4,160 | By land & Building A/c | 16,000 | ||
| By investments A/c | 4,000 | ||||
| To profits transferred | |||||
| A’s Capital | 5,280 | ||||
| B’s Capital | 5,280 | ||||
| C’s Capital | 5,280 | 15,840 | |||
| 20,000 | 20,000 | ||||
| Partners’ Capital Account | |||||||
| Particulars | A | B | C | Particulars | A | B | C |
| To A’s capital A/c | 16,000 | 16,000 | By Balance b/d | 80,000 | 68,000 | 78,000 | |
| To Investments | 84,000 | By Revaluation A/c | 5,280 | 5,280 | 5,280 | ||
| To Cash | 33,280 | By B’s capital A/c | 16,000 | ||||
| By C’s capital A/c | 16,000 | ||||||
| By Cash A/c | 40,000 | ||||||
| To Balance c/d | – | 97,280 | 67,280 | ||||
| 1,17,280 | 1,13,280 | 83,280 | 1,17,280 | 1,13,280 | 83,280 | ||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Capital | Land & Building | 58,000 | |||
| B | 97,280 | Plant & Machinery | 65,640 | ||
| C | 67,280 | 1,64,560 | Debtors | 89,150 | |
| Creditors | 69,280 | Cash | 21,050 | ||
| 2,33,840 | 2,33,840 | ||||
Comment if you have any questions.
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Question 33 Chapter 6 of +2 Part- 1 – USHA Publication
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Question 44 Chapter 6 of +2 Part-1 – USHA Publication
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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
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2. Advanced Accountancy Part 2 Class 12 by Unimax Publication