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

Q-46. - CH-2 - Usha +2 Book 2018 - Solution

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

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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
B19,60049,000Stock19,600
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.

We are providing a solution of Question 46 Chapter 5 of +2 Part-1 – USHA in two formats. one is in Video format and another is in article format. Check out both formats as follows:

1. Check out the Solution of this question in Video Format:-

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The video consists solution of question numbers from 46 to 47 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 46 from the flowing video by using time stamps of the video.

2. Check out the Solution of this question in Article Format:-

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

Revaluation Account
Particulars
AmountParticularsAmount
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
ParticularsABCParticularsABC
    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
Liabilities
AmountAssetsAmount
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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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