Question 39 Chapter 3 of Class 12 Part – 1
39. P, Q, Rand S were partners in a firm sharing profits in the ratio of 1: 4:2:3. On 1sta April 2016, their Balance Sheet was as follows:
Balance Sheet of P, Q,R and S
as at 1st April, 2016
| Liabilities | Rs. | Assets | Rs. |
| Capitals: | Fixed Assets | 12,70,000 | |
| P 2,00,000 | Current Assets | 5,30,000 | |
| Q 3,00,000 | |||
| R 4,00,000 | |||
| S 5,00,000 | 14,00,000 | ||
| Sundry Creditors | 2,30,000 | ||
| Workmen Compensation Revenue | 1,70,000 | ||
| 18,00,000 | 18,00,000 |
From the above date, the partners decided to share the future Profit equally. For this purpose, the goodwill of the firm was valued at Rs. 2,70,000.
The partners also agreed for the following:
(i) Claim against Workmen Compensation reserve was estimated at Rs. 2,00,000.
(ii) Capital of the partners was to be adjusted according to their new profit sharing ratio by bringing or paying cash as the case may be.
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the
reconstituted firm.
The solution of Question 39 Chapter 3 of Class 12 Part – 1: –
Revaluation Account
| Particulars |
Amount |
Particulars | Amount | |
| To claim for Workmen Compensation | 30,000 | By loss on revaluation Transferred to Capital A/c | ||
| P | 3,000 | |||
| Q | 12,000 | |||
| R | 6,000 | |||
| S | 9,000 | 30,000 | ||
| 30,000 | 30,000 |
Partner Capital Account
| Particulars | P | Q |
R |
S |
Particulas | P | Q | R | S |
| To Revaluation A/c | 3,000 | 12,000 | 9,000 | 6,000 | By Balance b/d | 2,00,000 | 3,00,000 | 4,00,000 | 5,00,000 |
| To Q’s Capital A/c | 40,500 | – | – | – | By P’s Capital A/c | – | 40,500 | – | – |
| To S’s Capital A/c | – | – | 13,500 | – | By R’s Capital A/c | – | – | – | 13,500 |
| To Partners’ Current A/c | – | – | 38,000 | 1,62,000 | By Cash A/c | 1,86,000 | 14,000 | – | – |
| To Balance c/d | 3,42,500 | 3,42,500 | 3,42,500 | 3,42,500 | |||||
| 3,86,000 | 3,54,500 | 4,00,000 | 5,13,500 | 3,86,000 | 3,54,500 | 4,00,000 | 5,13,500 |
Balance Sheet
(as at 1st April 2018)
| Liabilities |
Amount |
Assets | Amount | |
| Partners’ Capitals A/c: | Fixed Assets | 12,70,000 | ||
| P | 3,42,500 | Current Assets | 5,30,000 | |
| Q | 3,42,500 | |||
| R | 3,42,500 | |||
| S | 3,42,500 | 13,70,000 | ||
| Claim For Workmen Compensation | 2,00,000 | |||
| Sundry Creditors | 2,30,000 | |||
| 18,00,000 | 18,00,000 | |||
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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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