Question 44 Chapter 5 of +2-Part-1
44. Revaluation/Capital A/c/B/S/GST) Usha and Asha are partners in a firm sharing profits in the ratio 3:2. Their Balance sheet on 31st March, 2013 was as follows:
| Liabilities | Rs | Assets | Rs | ||
| Creditors | 27,000 | Cash | 24,000 | ||
| General Reserve | 18,000 | Debtors | 48,000 | ||
| Bills Payable | 4,000 | Less : Provision for Bad debts | 4,800 | 43,200 | |
| Output CGST | 500 | Stock | 30,000 | ||
| Output SGST | 500 | Patents | 7,400 | ||
| Capitals | Building | 20,400 | |||
| Usha | 40,000 | ||||
| Asha | 35,000 | 75,000 | |||
| 1,25,000 | 1,25,000 |
Neelam is admitted into the partnership giving her 1/5th share in the profits.
Neelam to bring in Rs. 30,000 as her Capital and to bring in her share of Goodwill in cash subject to the following terms:
(a) Goodwill of the firm to be valued at Rs. 50,000.
(b) Stock to be reduced by 10% and Provision for Bad Debts be reduced by Rs. 2,400.
(c) Patents are valueless.
(d) There was a claim against the firm for damages amounting to Rs. 2,000. The claim has now been accepted.
Prepare Revaluation Account, Partners’ Capital Accounts, and the Balance Sheet of the new firm.
We are providing a solution of Question 44 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 42 to 44 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 44 from the flowing video by using time stamps of the video.
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The solution of Question 44 Chapter 5 of +2 Part-1: –
| Revaluation Account |
|||||
| Particular |
Amount | Particular | Amount | ||
| To Stock A/c | 3000 | By Provision for doubtful A/c | 2,400 | ||
| To Patent A/c | 7400 | ||||
| To Claim for Damage A/c | 2000 | ||||
| To Loss on revaluation | |||||
| -Usha’s capital A/c 3/5 | 6,000 | ||||
| -Asha’s capital A/c 2/5 | 4,000 | 10,000 | |||
| 12,400 | 12,400 | ||||
| Partners’ Capital Account |
|||||||
| Particulars | Usha | Asha | Neelam | Particulars | Usha | Asha | Neelam |
| To Revaluation A/c | 6,000 | 4,000 | By Balance b/d | 40,000 | 35,000 | ||
| By General Reserve | 10,080 | 7,200 | |||||
| By Cash A/c | – | – | 30,000 | ||||
| By Premium A/c | 6,000 | 4,000 | |||||
| To Balance c/d | 50,800 | 42,200 | 30,000 | ||||
| 56,800 | 46,200 | 30,000 | 56,800 | 46,200 | 30,000 | ||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Creditors | 27,000 | Cash | 64000 | ||
| Claim for Damages | 2,000 | Debtors | 48,000 | ||
| Bills Payable | 4,000 | Less: Provision for Bad debts | 2,400 | 45,600 | |
| Output CGST | 500 | Stock | 27,000 | ||
| Output SGST | 500 | Building | 20,400 | ||
| Capitals | |||||
| Usha | 50,800 | ||||
| Asha | 42,200 | ||||
| Neelam | 30,000 | 1,23,000 | |||
| 1,57,000 | 1,57,000 | ||||
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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
- 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