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Question 38 Chapter 5 of +2-Part-1
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38. (Revaluation Entries) Pass Journal Entries for the following revaluations.
(a) Stockk Rs. 12,000 was increased to Rs. 15,000.
(b) Stock Rs. 12,000 was increased by 25%
.(c) Stock Rs. 12,000 was decreased by Rs. 10,000.
(d) Stock Rs. 12,000 was decreased to Rs. 10,000.
(e) Stock Rs. 12,000 was undervalued by 25%.
(f)Stock Rs. 12,000 was valued 25% above cost.
We are providing a solution of Question 38 Chapter 5 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
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The video consists solution of question numbers from 36 to 38 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 38 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
The solution of Question 38 Chapter 5 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| a) | Stock A/c | Dr. | 3,000 | ||
| To Revaluation A/c | 3,000 | ||||
| (Being stock increased by Rs. 3,000) | |||||
| b) | Stock A/c | Dr. | 3,000 | ||
| To Revaluation A/c | 3,000 | ||||
| (Being 25% increased stock) | |||||
| c) | Revaluation A/c | Dr. | 10,000 | ||
| To Stock A/c | 10,000 | ||||
| (Being stock decreased by Rs. 10,000) | |||||
| d) | Revaluation A/c | Dr. | 2,000 | ||
| To Stock A/c | 2,000 | ||||
| (Being goodwill written off) | |||||
| e) | Stock A/c | Dr. | 4,000 | ||
| To Revaluation A/c | 4,000 | ||||
| (Being stock valued 25% less not correct (25/75 X 12,000) | |||||
| f) | Revaluation A/c | Dr. | 2,400 | ||
| To Stock A/c | 2,400 | ||||
| (Being stock valued 25% above the cost (12,000 X 25/125)) | |||||
| ii) | Premium A/c | Dr. | 10,000 | ||
| B’s Capital A/c | Dr. | 6,667 | |||
| To A’s Capital A/c | 10,000 | ||||
| To C’s Capital A/c | 6,667 | ||||
| (Being goodwill brought of D and B’s share given to A and C sacrifice ratio) | |||||
| e) | Entry D (i) and (ii) and the following entries | ||||
| A’s Capital A/c | Dr. | 25,000 | |||
| B’s Capital A/c | Dr. | 16,667 | |||
| C’s Capital A/c | Dr. | 8,333 | |||
| To goodwill A/c | 50,000 | ||||
| (Being goodwill written off) | |||||
| f) | Revaluation A/c | Dr. | 2,400 | ||
| To Stock A/c | 2,400 | ||||
| (Being stock valued 25% above the cost (12,000 X 25/125)) | |||||
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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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