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

Question 30 Chapter 6 of +2-Part-1

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The solution of Question 30 Chapter 6 of +2 Part-1: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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

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

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

The solution of Question 30 Chapter 6 of +2 Part-1: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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