Question 44 Chapter 6 of +2- Part

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:

LiabilitiesRs.AssetsRs. 
creditors30,000CASH 28,000
Bills payable 16,000Debtors                  25,000  
GENERAL Reserve 12,000Less : Provision      3,00022,000
Capital Stock18,000
A40,000Furniture 30,000
B40,000Machibery 70,000
C30,000  
    
 1,68,000 1,68,000

 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 solution of Question 44 Chapter 6 of +2 Part-1: –

Revaluation Account
Particulars
AmountParticularsAmount
To provision for doubtful debts A/c 1,000By 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     
X300    
Y200    
Z100600   
  6,000  6,000
Partners’ Capital Account 
ParticularsXYZParticularsXYZ
To C’s capital A/c2,400 5,600By Balance b/d40,00040,00030,000
To Bank A/c 52,200 By gen.reserve fund6,0004,0002,000
    By Revaluation A/c300400400
    By A’s capital A/c 2,400 
    By B’s capital A/c 5,600 
    By Cash A/c18,860 15,340
To Balance c/d 62,76041,840    
 65,16052,20047,440 65,16052,20047,440
Balance Sheet
Liabilities
AmountAssetsAmount
Creditors 30,000Cash 10,000
Bills payable 16,000Sundry Debtors25,000 
Outstanding claim 1,100Less provision4,00021,000
Capital A/c  Stock 16,200
A 62,760Furniture 28,500
B 41,840Machinery 70,000
Outstanding claim 1,100   
      
      
  1,45,700  1,45,700
Cash Account
Particulars
AmountParticularsAmount
To balance c/d 28,000By B’s capital A/c 52,200
To A’s Capital A/c 18,860   
To C’s capital A/c 15,340By balance b/d 10,000
  62,200  62,200

Gaining ratio

A’s gain=33
56
     
 =3  
 30  
B’s gain=21
56
     
 =7  
 30  

Gaining ratio = 3 : 7

B’s share in goodwill=24,000x2
6
     
 =Rs 8,000  

Comment if you have any questions.
Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 44 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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