
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 | Rs | Assets | Rs | |
Capital Accounts | Free Hold Premises | 49,000 | ||
A | 29,400 | Plant and machinery | 34,300 | |
B | 19,600 | 49,000 | Stock | 19,600 |
Profit & Loss A/c | 29,400 | Sundry debtors | 9,506 | |
Sundry creditors | 56,000 | Cash at Bank | 25,300 | |
Bills Payable | 8,582 | Cash in hand | 5,276 | |
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 |
|||||
Particulars |
Amount | Particulars | Amount | ||
To Stock | 1,960 | By Buildings | 9,800 | ||
To Plant | 3,430 | ||||
To Provision for doubtful debts | 1,540 | ||||
To profit on Revaluation | |||||
– A 3/5 | 1,722 | ||||
– B 2/5 | 1,148 | 2,870 | |||
9,800 | 9,800 |
Partners’ Capital Account |
|||||||
Particulars | A | B | C | Particulars | A | B | C |
By Balance b/d | 29,400 | 29,600 | |||||
By Profit & Loss A/c | 17,640 | 11,760 | – | ||||
By Revaluation A/c | 1,722 | 1,148 | – | ||||
By Bank A/c | – | – | 14,700 | ||||
By Premium A/c | 3,528 | 2,352 | |||||
To Balance c/d | 52,290 | 34,860 | 14,700 | ||||
52,290 | 34,860 | 14,700 | 52,290 | 34,860 | 14,700 |
Balance Sheet |
|||||
Liabilities |
Amount | Assets | Amount | ||
Sundry Creditors | 56,000 | Cash in Hand | 58,800 | ||
Bills Payable | 8,582 | Plant and machinery | 30,870 | ||
Capital accounts | Stock | 17,640 | |||
A | 52,290 | Sundry Debtors | 9,506 | ||
B | 34,860 | Less : Provision | 1,540 | 7,966 | |
C | 14,700 | 1,01,850 | Cash 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
- 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
