Question 34 Chapter 6 of +2-Part-1
34. (Profit & Loss Adjustment A/c/Partner Capital A/c A B & C are partners , sharing profits and losses in the proportion of 1/2 : 1/3:1/6 and in respectively. The firm’s balance sheet on March 31. 2015 was follows :
| Liabilities | Rs. | Assets | Rs. |
| Sundry creditors | 19,000 | Cash at bank | 2,500 |
| Bills payable | 5,000 | Debtors 16,000 | |
| Reserve fund | 12,000 | Less : provision 500 | 15,500 |
| Capital A/c | Stock | 25,000 | |
| A 40,000 | Motor vans | 8,000 | |
| B 30,000 | Plant & machinery | 35,000 | |
| C 25,000 | 95,000 | Factory Buildingd | 45,000 |
| 1,31,000 | 1,31,000 |
B retires on that date, subject to the following adjustments:
(i) The goodwill of the firm to be valued at Rs. 18,000
(ii) Plant and machinery to be depreciated by 10% and motor vans by 15% .
(iii) Stock to be appreciated by 20% and buildings by 10%.
(iv) Provision for doubtful debts to be increased by Rs. 1,950.
Prepare the (1) Profit and loss adjustment account, and (2) B’s capital account.
The solution of Question 34 Chapter 6 of +2 Part-1: –
| Profit & Loss Adjustment account |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To plant & machinery A/c | 3,500 | By Factory Building A/c | 4,500 | ||
| To motor vans A/c | 1,200 | By Stock A/c | 5,000 | ||
| To provision for doubtful debts A/c | 1,950 | ||||
| To profits transferred | |||||
| A | 1,425 | ||||
| B | 950 | ||||
| C | 475 | 2,850 | |||
| 9,500 | 9,500 | ||||
| B’s capital account |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To B’s loan A/c | 40,950 | By Balance b/d | 30,000 | ||
| By Reserve fund A/c | 4,000 | ||||
| By Profit & Loss adj. A/c | 950 | ||||
| By A’s capital A/c | 4,500 | ||||
| By C’s capital A/c | 1,500 | ||||
| 40,950 | 40,950 | ||||
Comment if you have any questions.
End of Solution
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The solution to all questions of Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Question 33 Chapter 6 of +2 Part- 1 – USHA Publication
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Question 44 Chapter 6 of +2 Part-1 – USHA Publication
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
Check out Part 2 of both books.
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
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2. Advanced Accountancy Part 2 Class 12 by Unimax Publication