Question 32 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 32 Chapter 6 of +2- Part

Question 32 Chapter 6 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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

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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