# Question 47 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-47. - CH-2 - Usha +2 Book 2018 - Solution

Question 47 Chapter 5 of +2-Part-1

47. ( Necessary Adjusting Entries) The Balance sheet of Ram and Shyam who share profits in proportion to capital as at 31st March 2019 is as follows:

 Liabilities Rs Assets Rs Creditors 19,000 Freehold Premises 20,000 Bills payable 16,000 Plant & Machinery 13,500 Capital accounts Furniture & Fittings 1,750 Ram 30,000 Motor lorries 1,350 Shyam 25,000 55,000 Stock 14,100 Current accounts Bills Receivables 10,800 Ram 2000 Debtors 27,500 Shyam 1,800 3,800 Bank 1,590 Cash 3,210 93,800 93,800

On 1st April 2019. They admitted Arjun into partnership on the following terms:
(a) Arjun to bring in Rs. 20,000 as capital and Rs. 6,600 for goodwill. He is to receive one-fourth share of the profits.
(b) Reserve is to be raised equal to 2 percent on debtors as provision for probable bad debts
(c) Value of stock to be written down by 5 percent.
(d) Freehold premises are to be valued at Rs. 22,406; plant and machinery Rs. 11,800: Fixture and Fittings Rs. 1,540 and Motor lorries Rs. 800.
You are required to make the necessary adjusting tries in the firm. Also, give the Balance Sheet of the new firm and give the proportions in which the partners will share profits, the proportions of Ram and Shyam being as formerly.

We are providing a solution of Question 47 Chapter 5 of +2 Part-1 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:-

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. 47 from the flowing video by using time stamps of the video.

Day - 88 | Solution of Questions Admission of a Partner | Chapter No. 5 | Accounts class 12 | PSEB |

## The solution of Question 47 Chapter 5 of +2 Part-1: –

 Journal Date Particulars L.F. Debit Credit 1 Bank A/c Dr. 26,600 To Arjun’s Capital A/c . 20,000 To Premium for Goodwill A/c 6,600 (Being cash brought in by new partner as his capital & goodwill ) 2 Premium A/c Dr. 6,600 To Ram’s Current A/c 3,600 To Shyam’s Current A/c 3,000 (Being goodwill distributed in Sacrificing Ratio 6:5) ) 3 Revaluation A/c Dr. 3,715 To provisional for doubtful debts A/c(2% of 27,5000) 550 To Stock A/c(5% of 14,100) (Decrease) 705 To Plant & Machinery A/c (13500-11800)(Decrease) 1,700 To Furniture & Fittings A/c (1750-1540)(Decrease) 210 To Motor lorries A/c (1350-800) 550 (Being assets revalued ) 4 Freehold Premises A/c Dr. 2,406 To Revaluation A/c 2,406 (Being revaluation of assets) 5 Ram’s Current A/c Dr. 714 Shyam’s Current A/c Dr. 595 To Revaluation A/c 1,309 (Being loss on revaluation distributed)
 Partners’ Current Account Particulars Ram Shyam Particulars Ram Shyam To Revaluation A/c (loss) 714 595 By Balance b/d 2,000 1,800 By Premium Account 3,600 3,000 To Balance c/d 4,886 4,205 5,600 4,800 5,600 4,800
 Balance Sheet Liabilities Amount Assets Amount Sundry Creditors 19,000 Freehold Premises 22,406 Bills Payable 16,000 Plant and machinery 11,800 Capital accounts Furniture & Fittings 1,540 Ram 30,000 Motor lorries 800 Shyam 25,000 Stock 13,395 Arjun 20,000 75,000 Bills Receivables 10,800 Debtors 27,500 Current accounts Less: provision for D/D 550 26,950 Ram 4,886 Cash 3,210 Shyam 4,205 Bank (1590+26600) 28,190 1,19,091 1,19,091

Working Notes:
NET PROFIT SHARING RATIO

Old Ratio of Ram & Shyam = 6:5
Let Total profit of the firm be Rs. 1

 New Partner C’s share = = 1 4

 Joint Share of Ram & Shyam = 1 – 1 4 = 3 4
 Ram’s New Share = 3 x 6 4 11 = 18 44
 Shyam’s New Share = 3 x 5 4 11 = 15 44
 Arjun’s Share = 11 44

NEW PROFIT SHARING RATIO = 18 : 15 : 11

Comment if you have any questions.

End of Solution

## Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 05 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 11 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 17 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 23 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 29 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 35 Chapter 5 of Class 12 Part – 1 – USHA Publication

Question 41 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

Question 52 Chapter 5 of +2 Part-1 – USHA Publication

Question 58 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 64 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.

Thanks again.

End of Post

### Download a PDF of Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner):

If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.

## Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum

Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.

Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)

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)

## Check out Part 2 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication