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Question 39 Chapter 3 of Class 12 Part – 1 VK Publication

Question 39 Chapter 3 of Class 12 Part - 1 VK Publication
Question 39 Chapter 3 of Class 12 Part - 1 VK Publication

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Question 39 Chapter 3 of Class 12 Part – 1

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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

LiabilitiesRs.AssetsRs.
Capitals: Fixed Assets12,70,000
P 2,00,000 Current Assets5,30,000
Q 3,00,000   
R 4,00,000   
S 5,00,00014,00,000  
Sundry Creditors2,30,000  
Workmen Compensation Revenue1,70,000  
 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: –

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Revaluation Account

Particulars

Amount

Particulars Amount
To claim for Workmen Compensation30,000By loss on revaluation Transferred to Capital A/c  
  P3,000 
  Q12,000 
  R6,000 
  S9,00030,000
 30,000  30,000

Partner Capital Account 

ParticularsPQ

R

S

ParticulasPQRS
To Revaluation A/c3,00012,0009,0006,000By Balance b/d2,00,0003,00,0004,00,0005,00,000
To Q’s Capital A/c40,500By P’s Capital A/c40,500
To S’s Capital A/c13,500By R’s Capital A/c13,500
To Partners’ Current A/c38,0001,62,000By Cash A/c1,86,00014,000
To Balance c/d3,42,5003,42,5003,42,5003,42,500     
 3,86,0003,54,5004,00,0005,13,500 3,86,0003,54,5004,00,0005,13,500

Balance Sheet

(as at 1st April 2018)

Liabilities

Amount

AssetsAmount
Partners’ Capitals A/c:  Fixed Assets12,70,000
P3,42,500 Current Assets5,30,000
Q3,42,500   
R3,42,500   
S3,42,50013,70,000  
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

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 Firms

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