Question 46 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

Free Accounting book Solution - Class 11 and Class 12

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

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

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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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