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Question 44 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 44 Chapter 5 of +2- Part-
Q-44. - CH-2 - Usha +2 Book 2018 - Solution

Question 44 Chapter 5 of +2-Part-1

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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:

1. Check out the Solution of this question in Video Format:-

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.

Day - 86 | 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 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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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 06 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 36 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 65 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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