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Question 34 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 34 Chapter 6 of +2- Part
Q-34. - CH-6 - Usha +2 Book 2018 - Solution

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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 19,000Cash at bank 2,500
Bills payable 5,000Debtors                  16,000 
Reserve fund12,000Less : provision     50015,500
Capital A/c Stock 25,000
A     40,000 Motor vans8,000
B     30,000 Plant & machinery35,000
C     25,00095,000Factory Buildingd45,000
 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. 15,000
(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 fir 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
AmountParticularsAmount
To plant & machinery A/c 3,500By Factory Building A/c 4,500
To motor vans A/c 1,200By Stock A/c 5,000
To provision for doubtful debts 1,950   
To profits transferred     
A1,425    
B950    
C4752,850   
  9,500  9,500
B’s capital account
Particulars
AmountParticularsAmount
To B’s loan A/c 40,950By 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.
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

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Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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