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Question 40 Chapter 3 of Class 12 Part – 1 VK Publication

Question 40 Chapter 3 of Class 12 Part - 1 VK Publication
Question 40 Chapter 3 of Class 12 Part - 1 VK Publication

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Question 40 Chapter 3 of Class 12 Part – 1

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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

LiabilitiesRs.AssetsRs.
Capitals: Fixed Assets8,25,000
A 2,00,000 Current Assets3,00,000
B 2,50,000   
C 2,50,000   
D 3,10,00010,10,000  
Sundry Creditors90,000  
Workmen Compensation Reserve25,000  
 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: –

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Revaluation Account

Particulars

Amount

Particulars Amount
To claim for Workmen Compensation5,000By loss on revaluation Transferred to Capital A/c  
To Fixed Assets25,000A9,000 
  B6,000 
  C9,000 
  D6,00030,000
 30,000  30,000

Partner Capital Account 

ParticularsAB

C

D

ParticulasABCD
To Revaluation A/c9,0006,0009,0006,000By Balance b/d2,00,0002,50,0002,50,0003,10,000
To C’s Capital A/c13,50013,500By A’s Capital A/c13,50013,500
To D’s Capital A/c13,50013,500By B’s Capital A/c13,50013,500
To Partners’ Current A/c72,0002,33,000By Partners’ Current A/c2,28,00077,000
To Balance c/d3,92,0002,94,0001,96,00098,000     
 4,28,0003,27,0002,77,003,37,00 4,28,0003,27,0002,77,003,37,00

Balance Sheet of P, Q, R and S

(as at 1st April 2016)

Liabilities

Amount

Assets Amount
SUNDRY CREDITORS 90,000Fixed Assets 8,00,000
Partners’ Capitals A/c:  Current Assets 3,0000
A3,92,000 Partners’ Current A/c  
B2,94,000 C2,28,000 
C1,96,000 D77,0003,05,000
D98,0009,80,000   
Claim For Workmen Compensation 30,000   
Partners’ Current A/c     
C72,000    
D2,33,0003,05,000   
  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

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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