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Question 35 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 35 Chapter 6 of +2- Part
Q-35. - CH-6 - Usha +2 Book 2018 - Solution

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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 Creditors  20,000
Reserve  10,000 Cash in hand 0
Sundry Creditors  15,000 Cash at bank  5,000
  70,000   70,000

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B retired on the following terms:
(i)Building appreciated by Rs.7,000.
(ii) Provision for doubtful debts is to make at 5% of the debtors.
(iii) Goodwill of the firm valued at Rs. 18,000.
(iv) Rs. 3,000 to be paid to B immediately and balance transferred to his loan A/c.
Pass journal entries and prepare ledger accounts as well as Balance Sheet

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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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

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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