Question 32 Chapter 6 of +2-Part-1
32.( Revaluation A/c/Capital A/c/ Balance sheet ) A, B and Care in partnership sharing profit in the ratio of 3:2:1. Their Balance Sheets on 31st December, 2018 was under:
| Liabilities | Rs. | Assets | Rs. |
| A’s Capital | 16,000 | Bank | 1,600 |
| B’S Capital | 12,000 | Stock | 10,400 |
| C’s capital | 10,400 | Debtors | 12,000 |
| Creditors | 8,000 | Land & Building | 9,600 |
| Bills payable | 1,600 | Machinery | 14,400 |
| 48,000 | 48,000 |
A retired and the assets of the firm were revalued as under :
Goodwill Rs. 3,200, Stock Rs 9,600, Debtors Rs. 11,200 ;Machinery Rs. 8,800, Land & Building Rs. 17,600.
Creditors to the extent of 2(1/2) % are not likely to claim their dues. Assuming that the above adjustments are duly carried through you are required to prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of B and C after A’s retirement.
The solution of Question 32 Chapter 6 of +2 Part-1: –
| Revaluation account |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To stock | 800 | By land & Building A/c | 3,200 | ||
| To debtors | 800 | By creditors | 200 | ||
| To machinery | 800 | ||||
| To profits transferred | |||||
| A | 500 | ||||
| B | 333 | ||||
| C | 167 | 1,000 | |||
| 3,400 | 3,400 | ||||
| Partners’ Capital Account | |||||||
| Particulars | A | B | C | Particulars | A | B | C |
| To A’s capital A/c | 1,067 | 1,067 | By Balance b/d | 16,000 | 12,000 | 10,400 | |
| To A’s loan A/c | 18,100 | By Revaluation A/c | 500 | 333 | 167 | ||
| By B’s capital A/c | 1,067 | ||||||
| By C’s capital A/c | 533 | ||||||
| To Balance c/d | – | 11,266 | 10,034 | ||||
| 18,100 | 12,333 | 10,567 | 18,100 | 12,333 | 10,567 | ||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Capital | Bank | 1,600 | |||
| B | 11,266 | Stock | 9,600 | ||
| C | 10,034 | 1,64,560 | Debtors | 11,200 | |
| Bills payable | 7,800 | Machinery | 8,800 | ||
| Creditors | 1,600 | Land & Building | 17,600 | ||
| A’s loan | 18,100 | ||||
| 48,800 | 48,800 | ||||
Comment if you have any questions.
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- 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)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
