Question 40 Chapter 5 of +2-Part-1
40. ( Revaluation A/c/Partners Cap. A/c/B/S) The following was the Balance sheet of A and B who were sharing profits in 2:1 :
| Liabilities | Rs | Assets | Rs. | |
| Sundry creditors | 65,900 | Building | 50,000 | |
| General reserve | 30,000 | Plant and machinery | 35,000 | |
| Capital Accounts | Stock | 20,000 | ||
| A | 30,000 | Sundry debtors | 9,700 | |
| B | 20,000 | 50,000 | Cash in hand | 1,200 |
| bank | 30,000 | |||
| 1,45,900 | 1,45,900 |
C is admitted into partnership on the following terms :
- C was to bring Rs. 15,000 as his capital and Rs. 6,000 as goodwill for one-fourth share in the firm.
- That value of the stock, plant and machinery was to be reduced by 5%.
- That a reserve was created in respect of sundry debtors Rs. 750.
- That the building was to be appreciated by 10%.
- That goodwill money was to be retained in the business account.
Prepare profit and loss adjustment account (Re-valuation Account ). Partners capital accounts and the balance sheet of the new firm.
We are providing a solution of Question 40 Chapter 5 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
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The video consists solution of question numbers from 39 to 41 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 40 from the flowing video by using time stamps of the video.
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The solution of Question 40 Chapter 5 of +2 Part-1: –
| Revaluation Account |
|||||
| Particular |
Amount | Particular | Amount | ||
| To Stock | 1,000 | By Buildings | 5,000 | ||
| To Plant and Machinery | 1,750 | ||||
| To Provision for doubtful debts | 750 | ||||
| To Revaluation Profit | |||||
| – A 2/3 | 1,000 | ||||
| – B 1/3 | 500 | 1,500 | |||
| 5,000 | 5,000 | ||||
| Partners’ Capital Account |
|||||||
| Particulars | A | B | C | Particulars | A | B | C |
| By Balance b/d | 30,000 | 20,000 | – | ||||
| By General Reserve A/c | 20,000 | 10,000 | – | ||||
| By Bank A/c | – | – | 15,000 | ||||
| By Revaluation A/c | 1,000 | 500 | – | ||||
| By Premium A/c | 4,000 | 2,000 | |||||
| To Balance c/d | 55,000 | 32,500 | 15,000 | ||||
| 55,000 | 32,500 | 15,000 | 55,000 | 32,500 | 15,000 | ||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Sundry creditors | 65,900 | Building | 55,000 | ||
| Plant and machinery | 33,250 | ||||
| Capital | Stock | 19,000 | |||
| A | 55,000 | Sundry debtors | 9,700 | ||
| B | 32,500 | Less Provision | 750 | 8,950 | |
| C | 15,000 | 1,02,500 | Cash in hand | 1,200 | |
| Bank (30,000+15,000+ 6,000) |
51,000 | ||||
| 1,68,400 | 1,68,400 | ||||
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
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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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication