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Question 40 Chapter 5 of +2-Part-1
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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:
1. Check out the Solution of this question in Video Format:-
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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.
2. Check out the Solution of this question in Article Format:-
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 Resources | 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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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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