Question 30 Chapter 6 of +2-Part-1
30. (Journal/Ledger A/c/Balance Sheet) A, B and C were partners sharing in 3:2:1. balance sheet was as under :
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 13,590 | Cash | 4,700 |
| Capitals A | 15,000 | Debtors | 8,000 |
| B | 10,000 | Stock | 11,690 |
| C | 10,000 | Building | 23,000 |
| Profit & loss A/c | 1,200 | ||
| 48,590 | 48,590 |
B retired on the following terms:
(i)Building appreciated by Rs.7,000.
(ii) Provision for doubtful debts is to make at 5% of the debtors.
(iii) Goodwill of the firm valued at Rs. 18,000.
(iv) Rs. 3,000 to be paid to B immediately and balance transferred to his loan A/c.
Pass journal entries and prepare ledger accounts as well as Balance Sheet
The solution of Question 30 Chapter 6 of +2 Part-1: –
| Revaluation account |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To provision for doubtful debts A/c | 400 | By Building A/c | 7,000 | ||
| To profits transferred | |||||
| A’s Capital | 3,300 | ||||
| B’s Capital | 2,200 | ||||
| C’s Capital | 1,100 | 6,600 | |||
| 7,000 | 7,000 | ||||
| Partners’ Capital Account | |||||||
| Particulars | A | B | C | Particulars | A | B | C |
| To Profit & loss A/c | 600 | 400 | 200 | By Balance b/d | 15,000 | 10,000 | 10,000 |
| To B’s capital A/c | 4,500 | 1,500 | By Revaluation A/c | 3,300 | 2,200 | 1,100 | |
| To Cash | 3,000 | By A’s capital A/c | 4,500 | ||||
| To B’s loan A/c | 14,800 | By C’s capital A/c | 1,500 | ||||
| To Balance c/d | 13,200 | – | 9,400 | ||||
| 18,300 | 18,200 | 11,100 | 18,300 | 18,200 | 11,100 | ||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Creditors | 13,590 | Cash | 1,700 | ||
| Capital | Debtors | 8,000 | |||
| A | 13,200 | Less provision For debts | 400 | 7,600 | |
| C | 9,400 | 22,600 | Stock | 11,690 | |
| B’s loan A/c | 14,800 | Buildings | 30,000 | ||
| 50,990 | 50,990 | ||||
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| Building A/c | Dr. | 7,000 | |||
| To Revaluation A/c | 7,000 | ||||
| (Being Building appreciated ) | |||||
| Revaluation A/c | Dr. | 400 | |||
| To provision for doubtful debts A/c | 400 | ||||
| (Being provision made on debtors . ) | |||||
| Revaluation A/c | Dr. | 6,600 | |||
| To A’s capital A/c | 3,300 | ||||
| To B’s capital A/c | 2,200 | ||||
| To C’s capital A/c | 1,100 | ||||
| (Being profit on revaluation transferred to Partners Capital A/c in there Old Profit Sharing Ratio) | |||||
| A’s capital A/c | Dr. | 4,500 | |||
| C’s capital A/c | Dr. | 1,500 | |||
| To B’s capital A/c | 6,000 | ||||
| (Being adjustment of goodwill ) | |||||
| A’s capital A/c | Dr. | 600 | |||
| B’s capital A/c | Dr. | 400 | |||
| C’s capital A/c | Dr. | 200 | |||
| To profit & loss A/c | 1,200 | ||||
| (Being accumulated loss transferred to Partners Capital A/c in their Old Profit Sharing Ratio) | |||||
| B’s capital A/c | Dr. | 17,800 | |||
| To cash A/c | 3,000 | ||||
| To B’s loan A/c | 14,800 | ||||
| (Being settlement of B’s A/c) | |||||
Comment if you have any questions.
End of Solution
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Question 57 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.
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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
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication
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