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 :
|Bills payable||30,000||Debtors 70,000|
|Capital E||1,50,000||Provision 2,000||68,000|
|Profit & Loss A/c||20,000|
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.
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The solution of Question 33 Chapter 6 of +2 Part-1: –
|To provision d/d||5,000||By Building A/c||27,000|
|To outstanding claim||2,000||By creditors||10,000|
|To profits transferred|
|Partners’ Capital Account|
|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|
|Balance Sheet |
|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|
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