# Question 40 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-40 - CH-6 - Usha +2 Book 2018 - Solution

Question 40 Chapter 6 of +2-Part-1

40. (Capital to be adjusted in New Profit Sharing Ratio) The Balance Sheet of X ,Y & Z who shared profits in the ratio of 4:3:1 as on 31st March, 2016 was as follows:

 Liabilities Rs. Assets Rs. Sundry Creditors 7,700 Cash AT BANK 6,300 General reserve 1,800 Debtors                 6,000 Capital X 19,000 Less provision      300 5,700 Y 14,000 Stock 7,000 Z 12,000 Plant & machinery 10,500 Building 25,000 54,500 54,500

B retired on the following terms:
(i)Building appreciated by Rs.7,000.
(ii) Provision for bad debts is to made at 5% on debtors.
(iii) Goodwill of the firm valued at Rs. 9,000 and adjustment in this respect be made without raising goodwill account..
(iv) Rs. 5,000 to be paid to B immediately and balance due to him be treated as loan carrying interest @ 6% per annum.
Pass journal entries to record above mentioned transactions and show the Balance Sheet of the firm as it would appear immediately after B’s retirement .

## The solution of Question 40 Chapter 6 of +2 Part-1: –

Day - 132 | Solution of Questions 40 Retirement of a Partner Chapter 6 Accounts class 12 PSEB

 Revaluation Account Particulars Amount Particulars Amount To Sock A/c 350 By Building A/c 1,250 To Provision for L/c 320 To profits transferred 2,000 X 258 Y 193 Z 129 580 1,250 1,250
 Partners’ Capital Account Particulars X Y Z Particulars X Y Z To Y’s capital A/c 2,528 2,139 By Balance b/d 19,000 14,000 12,000 To Bank A/c 500 By Revaluation A/c 258 193 129 To Bank A/c 30 By General Reserve A/c 800 600 400 To Y’s loan A/c 14,460 By Bank A/c 110 By X’s Capital A/c 2,528 To Balance c/d 17,500 – 10,500 By Z’s Capital A/c 2,139 20,028 19,460 12,529 20,417 19,460 12,529
 Balance Sheet Liabilities Amount Assets Amount Y’s Laon 14,460 Cash in Bank 1,380 Creditor 7,700 Stock 6,650 Provision for L/c 320 Debtors 6,000 Capital X 17,500 Less Provision 300 5,700 Z 10,500 Plant & Machinery 10,500 Building 26,250 50,480 50,480
 Bank Account Particulars Amount Particulars Amount To balance b/d 6,300 By Y’s Capital 5,000 To Z’s Capital 110 By X’s Capital 30 By balance c/d 1,380 6,410 6,410

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End of Solution

## Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 05 Chapter 6 of +2- Part- 1 of USHA Publication Part – 1

Question 11 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 17 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 23 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 29 Chapter 6 of +2 Part- 1 – USHA Publication 12 Class

Question 35 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 42 Chapter 6 of +2 Part- 1 – USHA Publication

Question 50 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 56 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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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)

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