Question 40 Chapter 3 of Class 12 Part – 1
40. A, B, Cand D were partners in a firm sharing profits in the ratio of 3:2:3:2.On 1st April, 2016, their Balance Sheet was as follows:
Balance Sheet of A, B, C and D
as at 1st April, 2016
| Liabilities | Rs. | Assets | Rs. |
| Capitals: | Fixed Assets | 8,25,000 | |
| A 2,00,000 | Current Assets | 3,00,000 | |
| B 2,50,000 | |||
| C 2,50,000 | |||
| D 3,10,000 | 10,10,000 | ||
| Sundry Creditors | 90,000 | ||
| Workmen Compensation Reserve | 25,000 | ||
| 11,25,000 | 11,25,000 |
From the above date, the partners decided to share the future profits in the ratio of 4:3:2:1. For this purpose, the goodwill of the firm was valued at 2,70,000. It was also considered that:
(i) The claim against Workmen Compensation Reserve has been estimated at Rs. 30,000 and fixed assets will be depreciated by Rs. 25,000.
(ii) Adjust the capitals of the partners according to the new profit sharing ratio by opening Current Accounts of the partners.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the
reconstituted ffir
The solution of Question 40 Chapter 3 of Class 12 Part – 1: –
Revaluation Account
| Particulars |
Amount |
Particulars | Amount | |
| To claim for Workmen Compensation | 5,000 | By loss on revaluation Transferred to Capital A/c | ||
| To Fixed Assets | 25,000 | A | 9,000 | |
| B | 6,000 | |||
| C | 9,000 | |||
| D | 6,000 | 30,000 | ||
| 30,000 | 30,000 |
Partner Capital Account
| Particulars | A | B |
C |
D |
Particulas | A | B | C | D |
| To Revaluation A/c | 9,000 | 6,000 | 9,000 | 6,000 | By Balance b/d | 2,00,000 | 2,50,000 | 2,50,000 | 3,10,000 |
| To C’s Capital A/c | 13,500 | 13,500 | – | – | By A’s Capital A/c | – | – | 13,500 | 13,500 |
| To D’s Capital A/c | 13,500 | 13,500 | – | – | By B’s Capital A/c | – | – | 13,500 | 13,500 |
| To Partners’ Current A/c | – | – | 72,000 | 2,33,000 | By Partners’ Current A/c | 2,28,000 | 77,000 | – | – |
| To Balance c/d | 3,92,000 | 2,94,000 | 1,96,000 | 98,000 | |||||
| 4,28,000 | 3,27,000 | 2,77,00 | 3,37,00 | 4,28,000 | 3,27,000 | 2,77,00 | 3,37,00 |
Balance Sheet of P, Q, R and S
(as at 1st April 2016)
| Liabilities |
Amount |
Assets | Amount | ||
| SUNDRY CREDITORS | 90,000 | Fixed Assets | 8,00,000 | ||
| Partners’ Capitals A/c: | Current Assets | 3,0000 | |||
| A | 3,92,000 | Partners’ Current A/c | |||
| B | 2,94,000 | C | 2,28,000 | ||
| C | 1,96,000 | D | 77,000 | 3,05,000 | |
| D | 98,000 | 9,80,000 | |||
| Claim For Workmen Compensation | 30,000 | ||||
| Partners’ Current A/c | |||||
| C | 72,000 | ||||
| D | 2,33,000 | 3,05,000 | |||
| 14,05,000 | 14,05,000 | ||||
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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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