Question 44 Chapter 6 of +2-Part-1
44. (Revaluation A/c/Partner’s Capital A/c) A, B and C are partners sharing in 3: 2:1.Their balance sheet is as under:
|Bills payable||16,000||Debtors 25,000|
|GENERAL Reserve||12,000||Less : Provision 3,000||22,000|
B retired on following terms
(i) Provisionn for doubtful debts raised by Rs. 1,000.
(ii) Stock depreciated by 10% and furniture by 5%.
(iii) Provide for outstanding claim Rs. 1,100.
(iv) Creditors will be written back by Rs. 6,000.
(v) Goodwill of the firm valued at Rs. 24,000.
(vi) B is paid in full with cash brought in by A and C in such a manner that their capital are in ratio of their profit ratio which is 3 : 2 and cash remains in hand Rs. 10,000.
Prepare ledger A/c’s.
The Content covered in this article:
The solution of Question 44 Chapter 6 of +2 Part-1: –
|To provision for doubtful debts A/c||1,000||By creditors A/c||6,000|
|To Stock A/c||1,800|
|To furniture A/c||1,500|
|To outstanding claim A/c||1,100|
|To profits transferred|
|Partners’ Capital Account|
|To C’s capital A/c||2,400||5,600||By Balance b/d||40,000||40,000||30,000|
|To Bank A/c||52,200||By gen.reserve fund||6,000||4,000||2,000|
|By Revaluation A/c||300||400||400|
|By A’s capital A/c||2,400|
|By B’s capital A/c||5,600|
|By Cash A/c||18,860||15,340|
|To Balance c/d||62,760||–||41,840|
|Bills payable||16,000||Sundry Debtors||25,000|
|Outstanding claim||1,100||Less provision||4,000||21,000|
|To balance c/d||28,000||By B’s capital A/c||52,200|
|To A’s Capital A/c||18,860|
|To C’s capital A/c||15,340||By balance b/d||10,000|
Gaining ratio = 3 : 7
|B’s share in goodwill||=||24,000||x||2|
Comment if you have any questions.
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