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Question 35 Chapter 6 of +2-Part-1
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35. (Journal/Ledger A/c/Balance Sheet) A, B and C were partners sharing in 3:2:1. balance sheet was as under :
| Liabilities | Rs. | Assets | Rs. |
| Capitals | Plant & machinery | 20,000 | |
| X 25,000 | Stock | 15,000 | |
| Y 20,000 | 45,000 | Sundry Debtors | 20,000 |
| Reserve | 10,000 | Cash in hand | 0 |
| Sundry Creditors | 15,000 | Cash at bank | 5,000 |
| 70,000 | 70,000 |
The solution of Question 35 Chapter 6 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| X’s Capital A/c | Dr. | 10,000 | |||
| To Y’s Capital A/c | 10,000 | ||||
| (Being goodwill adjusted. ) | |||||
| Reserve Fund A/c | Dr. | 10,000 | |||
| To X’s capital A/c | 6,000 | ||||
| To Y’s capital A/c | 4,000 | ||||
| (Being reserve fund transferred ) | |||||
| Revaluation A/c | Dr. | 3,000 | |||
| To Plant & Machinery A/c | 2,000 | ||||
| To provision for doubtful debts | 1,000 | ||||
| (Being decrease in the value of assets on revaluation) | |||||
| X’s capital A/c | Dr. | 1,800 | |||
| Y’s capital A/c | Dr. | 1,200 | |||
| To Revaluation A/c | 3,000 | ||||
| (Being loss on revaluation transferred to the capital A/c of partners in old ratio ) | |||||
| Y’s Capital A/c | Dr. | 32,800 | |||
| To Y’s loan A/c | 32,800 | ||||
| (Being Balance in Y’s Capital transferred to his loan A/c) | |||||
| Revaluation account | |||||
| Particulars | Amount | Particulars | Amount | ||
| To plant & machinery transferred | 2,000 | ||||
| To provision for doubtful debts | 1,000 | ||||
| By loss revaluation, A/c transferred to capital A/c | |||||
| X | 1,800 | ||||
| Y | 1,200 | ||||
| 3,000 | 3,000 | ||||
| X’s capital account | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Y’s Capital A/c | 10,000 | By balance b/d | 25,000 | ||
| To revaluation A/c | 1,800 | By reserve fund | 6,000 | ||
| To balance c/d | 19,200 | ||||
| 31,000 | 31,000 | ||||
| Y’s capital account | |||||
| Particulars | Amount | Particulars | Amount | ||
| To revaluation A/c (loss) | 1,200 | By balance b/d | 20,000 | ||
| By reserve fund | 4,000 | ||||
| To X’s Capital A/c | 10,000 | ||||
| To Y’s loan A/c | 32,800 | ||||
| 34,000 | 34,000 | ||||
| Balance Sheet | |||||
| Liabilities | Amount | Assets | Amount | ||
| Sundry Creditors | 15,000 | Machinery | 18,000 | ||
| X’s Capital A/c | 19,200 | Stock | 15,000 | ||
| Y’s loan A/c | 32,800 | Sundry Debtors | 20,000 | ||
| Less provision | 1,000 | 19,000 | |||
| Cash in hand | 10,000 | ||||
| Cash at Bank | 5,000 | ||||
| 67,000 | 67,000 | ||||
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End of Solution
Check Out the Solution of all questions of this chapter:
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.
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Question 43 Chapter 6 of +2 Part- 1 – USHA Publication
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Question 57 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)
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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)
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication
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