Question 30 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 30 Chapter 6 of +2- Part

Question 30 Chapter 6 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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   400 By Building A/c   7,000
           
To profits transferred          
A 3,300        
B 2,200        
C 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
Rajan          
           
           
    50,990     50,990
Journal
Date   Particulars
L.F. Debit Credit
  Building A/c Dr.   7,000  
  To Revaluation A/c       7,000
  (Being profit of building transferred )        
           
  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 revaluation on profit )        
           
  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.   100  
  To profit & loss A/c       1,200
  (Being accumulated loss transferred )        
           
  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.
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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 30 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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