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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:-
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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.
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 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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Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- 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)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
