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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

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

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

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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