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Question 34 Chapter 6 of +2-Part-1
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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.
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Question 61 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.
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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)
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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.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication