Question 32 Chapter 6 of +2- Part

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 16,000Bank  1,600
B’S Capital 12,000Stock 10,400
C’s capital 10,400Debtors  12,000
Creditors 8,000Land & Building 9,600
Bills payable 1,600Machinery 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
To stock 800By land & Building A/c 3,200
To debtors 800By creditors 200
To machinery 800   
To profits transferred     
  3,400  3,400
Partners’ Capital Account 
ParticularsA B C ParticularsA B C
To A’s capital A/c 1,0671,067By Balance b/d16,00012,00010,400
To A’s loan A/c18,100  By Revaluation A/c500333167
    By B’s capital A/c1,067  
    By C’s capital A/c533  
To Balance c/d 11,26610,034    
 18,10012,33310,567 18,10012,33310,567
Balance Sheet
Capital  Bank 1,600
B11,266 Stock 9,600
C10,0341,64,560Debtors 11,200
Bills payable 7,800Machinery 8,800
Creditors 1,600Land & 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

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 32 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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