# Question 43 Chapter 6 of +2 Part- 1 – USHA Publication

Q-43. - CH-6 - Usha +2 Book 2018 - Solution

Question 43 Chapter 6 of +2-Part- 1

43. (Capital of New Firm given) The Balance sheet of X, Y, and Z who were sharing their profits in proportion to their capital stood as follows on 31st March 2018

 Liabilities Rs. Assets Rs. SUNDRY Creditors 7,000 Cash at Bank 15,600 CAPITAL A/c Sundry Debtors     5,000 X 25,000 Less :  Provision     100 4,900 Y 20,000 Stock 10,000 Z 15,000 Land & Building 11,500 Plant & Machinery 25,000 67,000 67,000

Y retires and the following adjustments of the assets and liabilities have been agreed upon before the ascertainment of the amount payable by the firm to Y:
1 That the stock be depreciated by 5%.
2 That a provision for doubtful debts be increased to 5% on debtors
3. That the land and buildings be appreciated by 20%
4. That a provision of Rs. 750 be made in respect of outstanding legal charges.
5 That goodwill of the entire firm be fixed at Rs 16,200 and Y’s share of the same be adjusted into the accounts of X and Z (no goodwill account is to be raised)
6 That X and Z decide to share the future profits of the firm in equal proportions.
7 That the entire capital of the new firm is fixed at Rs. 48,000 between X and Z in equal proportions. For this purpose, actual cash is to be brought in or paid off.
You are required to prepare the revaluation account. Partner’s capital accounts, bank account, and the revised balance sheet after Y’s retirement. Also indicate the gaining ratio

## The solution of Question 43 Chapter 6 of +2 Part-1: –

Day - 135 | Solution of Questions 43 Retirement of a Partner Chapter 6 Accounts class 12 PSEB

 Revaluation Account Particulars Amount Particulars Amount To provision doubtful debts 150 By land & Building A/c 5,000 To stock 500 To outstanding legal charges 750 To profits transferred X 1,500 Y 1,200 Z 900 3,600 5,000 5,000
 Partners’ Capital Account Particulars X Y Z Particulars X Y Z To Y’s capital A/c 1,350 4,050 By Balance b/d 25000 20,000 15,000 To Bank A/c 26,600 By Revaluation A/c 1,500 1,200 900 To Bank A/c 1,150 85,200 By X’s capital A/c 1,350 By Z’s capital A/c 4,050 By Bank A/c 12,150 To Balance c/d 24,000 – 24,000 26,500 26,600 28,050 26,500 26,600 28,050
 Balance Sheet Liabilities Amount Assets Amount Sundry Creditors 7,000 land & Building 30,000 Outstanding legal charges 750 Sundry Debtors 5,000 X’s Capital A/c 24,000 Less provision 250 4,750 Y’s Capital A/c 24,000 48,000 Stock 9,500 Plant & machinery 11,500 55,750 55,750

Gaining ratio = New share – Old share

 X’s gain = 1 – 5 2 12 = 1 12

 Z’s gain = 1 – 3 2 12 = 3 12

Gaining ratio = 1 : 3

Calculation of Y’s Share of Goodwill:

Firm Goodwill = ₹ 16,200

 = 16,200 x 4 12 = Rs 5,400

Calculation of Amount of Y’s Share of goodwill adjusted with X and Z’s in Gaining Ratio:

 X to pay = 5,400 x 1 4 = Rs 1,350
 Z to pay = 5,400 x 3 4 = Rs 4,050

Calculation of new share of capital of continuing Partner X and Z:-

 X’s New Capital = ₹ 48,000 x 1 2 = ₹ 24,000
 Z’s New Capital = ₹ 48,000 x 1 2 = ₹ 24,000

Comment if you have any questions.

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

Question 10 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 16 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 22 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 28 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 34 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

Question 49 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 55 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 61 Chapter 6 of +2 Part- 1 – USHA Publication

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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