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Question 35 Chapter 6 of +2-Part-1
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Table of Contents
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
- Chapter No. 1 – Accounting Not for Profit Organisations
- 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)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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