Question 33 Chapter 6 of +2- Part

Question 33 Chapter 6 of +2-Part-1

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 90,000Bank  31,000
Bills payable30,000Debtors   70,000   
Capital  E1,50,000Provision   2,00068,000
1,00,000Stock  80,000
G99,000Building  2,70,000
  Profit & Loss A/c20,000
 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
AmountParticularsAmount
To provision d/d 5,000By Building A/c 27,000
To outstanding claim 2,000By creditors 10,000
To profits transferred     
E18,000    
F6,000    
G6,0001,000   
  37,000   37,000
Partners’ Capital Account 
ParticularsE F G ParticularsE F G
To Profit & Loss A/c12,0004,0004,000By Balance b/d1,50,0001,00,00099,000
To F’s capital A/c11,250 3,750By Revaluation A/c18,0006,0006,000
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 1,44,75097,250    
 1,68,0001,21,0001,05,000 1,68,0001,21,0001,05,000
Balance Sheet
Liabilities
AmountAssetsAmount
Creditors 80,000Bank 11,000
Bills payable 30,000Debtors70,000 
Outstanding repair charges 2,000Less provision7,00063,000
E’s Capital A/c 1,44,750Stock 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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