Question 33 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 33 Chapter 6 of +2- Part

Question 33 Chapter 6 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

33.( Revaluation A/c/Capital A/c/ Balance sheet ) E , F and G were partners sharing in 3 :1 : 1. Their balance sheet was as follows :

Liabilities  Rs.  Assets  Rs. 
Creditors  90,000 Bank   31,000
Bills payable 30,000 Debtors   70,000    
Capital  E 1,50,000 Provision   2,000 68,000
1,00,000 Stock   80,000
G 99,000 Building   2,70,000
    Profit & Loss A/c 20,000
  4,69,000   48,000

F retired on following terms :
(i) Building is appreciated by 10%.
(ii) Provide for doubtful debts at 10% on debtors.
(iii) Creditors Rs. 10,000 will not be claimed.
(iv) There was an outstanding repair bill Rs. 2,000.
(v) Goodwill of firm valued at Rs. 75,000.
(vi) F is paid Rs. 20,000 and balance transferred to his Loan A/c . Prepare all necessary ledger accounts and balance sheet.

The solution of Question 33 Chapter 6 of +2 Part-1: –

Revaluation account
Particulars
Amount Particulars Amount
To provision d/d   5,000 By Building A/c   27,000
To outstanding claim   2,000 By creditors   10,000
To profits transferred          
E 18,000        
F 6,000        
G 6,000 30,000      
    37,000      37,000
Partners’ Capital Account 
Particulars E F G Particulars E F G
To Profit & Loss A/c 12,000 4,000 4,000 By Balance b/d 1,50,000 1,00,000 99,000
To F’s capital A/c 11,250   3,750 By Revaluation A/c 18,000 6,000 6,000
To cash A/c   20,000   By B’s capital A/c   11,250  
To F’s loan A/c   97,000   By C’s capital A/c   3,750  
To Balance c/d 1,44,750 97,250        
  1,68,000 1,21,000 1,05,000   1,68,000 1,21,000 1,05,000
Balance Sheet
Liabilities
Amount Assets Amount
Creditors   80,000 Bank   11,000
Bills payable   30,000 Debtors 70,000  
Outstanding repair charges   2,000 Less provision 7,000 63,000
E’s Capital A/c   1,44,750 Stock   80,000
G’s Capital A/c   97,250  Building   2,97,000
F’s loan   97,000      
           
    4,51,000     4,51,000

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 33 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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