Question 41 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 41 Chapter 5 of +2- Part-
Q-41. - CH-2 - Usha +2 Book 2018 - Solution

Question 41 Chapter 5 of +2-Part-1

41. (Goodwill withdraw by Old Partner) The Balance sheet of A and B who are partners in a firm sharing profits and losses in the ratio 2:1 is as under :

Liabilities   Rs Assets Rs
Bills Payable   5,000 Cash 200
Creditors   60,900 Bank 1,000
Capitals     Sundry debtors 9,700
A 30,000   Stock 20,000
B 20,000 50,000 Plant 5,000
      Machinery 30,000
      Building 50,000
    1,15,900   1,15,900

They decided to admit C on the following terms :

  1. C will receive size 1/3 share in the future profits and will contribute Rs. 15,000 as capital and Rs. 6,000 as goodwill.
  2. Stock, plant, and machinery are to be depreciated by 10%.
  3. A reserve for doubtful debts at 5% be created on the sundry debtors.
  4. The value of buildings is increased by 20%.
  5. The old partners have withdrawn the amounts received as goodwill from C.
    Prepare Re-valuation Account(profit and loss adjustment account ). Partners capital accounts and the balance sheet of the new firm.

We are providing a solution of Question 41 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. 41 from the flowing video by using time stamps of the video.

Day - 85 | Solution of Questions Admission of a Partner | Chapter No. 5 | Accounts class 12 | PSEB |

2. Check out the Solution of this question in Article Format:-

The solution of Question 41 Chapter 5 of +2 Part-1: – 

Revaluation Account
Particular
Amount Particular Amount
To Stock   2,000 By Buildings   10,000
To Plant   500      
To Machinery   3,000      
To Provision for doubtful debts   485      
To Profit on revaluation transferred to Capital accounts          
– A  2,677        
– B  1,338 4,015      
    10,000     10,000
A’s capital accounts
Particular
Amount Particular Amount
To Cash A/c   4,000 By Balance b/d   30,000
      By Premium Account   4,000
      By Revaluation Account   2,667
To Balance c/d   32,677      
    36,677     36,677
B’s capital accounts
Particular
Amount Particular Amount
To Bank Account   2,000 By Balance b/d   20,000
      By Premium Account   2,000
      By Revaluation Account   1,338
To Balance c/d   23,338      
    23,338     23,338
C’s capital accounts
Particular
Amount Particular Amount
      By Balance b/d   15,000
To Balance c/d   15,000      
    23,338     23,338
Bank accounts
Particular
Amount Particular Amount
To Balance b/d   1,000 By A’s Capital Account   4,000
To C’s Capital Account   15,000 By B’s Capital Account   2,000
To Premium Account   6,000      
      By Balance c/d   16,000
    22,000     22,000
Balance Sheet
Liabilities
Amount Assets Amount
Bills Payable   5,000 Cash   200
Creditors   60,900 Bank   16,000
Capital     Sundry debtors 9,700  
A 32,677   Less: provision for
Doubtful debts
485 9,215
B 21,338   Stock   18,000
C 15,000 69,015 Plant   4,500
      Machinery   27,000
      Building   60,000
    1,34,915     1,34,915

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Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 01 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 11 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 21 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 31 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 41 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 50 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 60 Chapter 5 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)

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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

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

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