Question 36 Chapter 3 of Class 12 Part – 1
36. R, S and T were partners in a firm sharing profits in the ratio of 1:2:3. Their Balance Sheet as on 31st March, 2015 was as follows:
Balance Sheet of R, S and T
as at 31st March, 2015
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 50,000 | Land | 50,000 |
| Bils Payable | 20,000 | Building | 50,000 |
| General Reserve | 30,000 | Plant | 1,00,000 |
| Capitals: | Stock | 40,000 | |
| R 1,00,000 | Debtors | 30,000 | |
| S 50,000 | Bank | 5,000 | |
| T 25,000 | 1,75,000 | ||
| 2,75,000 | 2,75,000 |
R, S and T decided to share the profits equally with effect from 1st April, 2015. For this, it was agreed that:
(i) Goodwill of the firm be valued at Rs. 1,50,000.
(ii) Land be revalued at Rs. 80,000 and building be depreciated by 6%.
(iii) Creditors of Rs. 6,000 were not likely to be claimed and hence be written off.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the reconstituted firm.
The solution of Question 36 Chapter 3 of Class 12 Part – 1: –
Revaluation Account
| Particulars |
|
Amount |
Particulars | Amount |
| To Building A/c | 3,000 | By Land A/c | 30,000 | |
| To Partners’ Capital A/c | By Creditors A/c | 6,000 | ||
| (Transfer of Profit ) | ||||
| R | 5,500 | |||
| S | 11,000 | |||
| T | 16,500 | 33,000 | ||
| 36,000 | 36,000 |
Partner’s Capital Account
| Particulars |
A |
B |
C |
Particulars | A | B | C |
| To T’s Capital A/c | 25,000 | – | – | By Balance b/d | 1,00,000 | 50,000 | 25,000 |
| To Balance c/d | 85,500 | 71,000 | 81,500 | By Revaluation A/C | 5,500 | 11,000 | 16,500 |
| By General Reserve A/C | 5,000 | 10,000 | 15,000 | ||||
| By R’s Capital A/c | – | – | 25,000 | ||||
| 1,10,500 | 71,000 | 81,500 | 1,10,500 | 71,000 | 81,500 |
Balance Sheet of R,S and T (as at 1st April 2015)
| Liabilities |
Amount |
Assets | Amount | |
| Creditors | 44,000 | Land | 80,000 | |
| Bills Payable | 20,000 | Building | 47,000 | |
| Capitals: | Plant | 1,00,000 | ||
| R | 85,500 | Stock | 40,000 | |
| S | 71,000 | Debtors | 30,000 | |
| T | 81,500 | 2,38,000 | Bank | 5,000 |
| 3,02,000 | 3,02,000 | |||
Working Notes:
Calculation of Sacrifice or Gain of Partners:
R= 1/6-1/3=(-1)/6 (Gain)
R= 1/3-1/3= (Nil)
T= 3/6-1/3=1/6 (Sacrifice)
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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
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