Q 46. CH 2 Usha 2 Book 2018 Solution S min - Question 46 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Part - 1

Question 46 Chapter 5 of +2-Part-1

46. Revaluation A/c/Partner‘s Cap A/c/B/S) The following is the balance sheet of A and B who were sharing profits in ratio 3:2

Liabilities  RsAssetsRs
Capital Accounts  Free Hold Premises49,000
A29,400 Plant and machinery34,300
Profit & Loss A/c 29,400Sundry debtors9,506
Sundry creditors 56,000Cash at Bank 25,300
Bills Payable 8,582Cash in hand5,276
  1,42,982 1,42,982

C is admitted into partnership on the following terms:
(i) C brings in Rs. 14,700 as his capital and Rs. 5,880 as goodwill for 1/4th share in the firm.
(ii) That the value of stock, plant and machinery was to be reduced by 10%.
(iii) That reserve for bad and doubtful debts be created Rs. 1,540.
(iv) Freehold premises to be appreciated by 20%.
Prepare Revaluation A/c, Partners Capital A/cs, and Balance Sheet of the New firm.

The solution of Question 46 Chapter 5 of +2 Part-1: – 

Revaluation Account
To Stock 1,960By Buildings 9,800
To Plant 3,430   
To Provision for doubtful debts 1,540   
To profit on Revaluation     
– A 3/51,722     
– B 2/51,1482,870   
  9,800  9,800
Partners’ Capital Account
    By Balance b/d29,40029,600 
    By Profit & Loss A/c17,64011,760
    By Revaluation A/c1,7221,148
    By Bank A/c14,700
    By Premium A/c3,5282,352 
To Balance c/d 52,29034,86014,700    
 52,29034,86014,700 52,29034,86014,700
Balance Sheet
Sundry Creditors 56,000Cash in Hand 58,800
Bills Payable 8,582Plant and machinery 30,870
Capital accounts  Stock 17,640
A52,290 Sundry Debtors9,506 
B34,860 Less : Provision1,5407,966
C14,7001,01,850Cash at Bank 45,880
   Cash in hand 5,276
  1,66,432  1,66,432

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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 46 Chapter 5 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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