Question 49 Chapter 5 – Unimax Class 12 Part 1 – 2021

Question 49 Chapter 5 - Unimax Class 12 Part 1 - 2021

Question 49 Chapter 5 – Unimax Class 12 Part 1 – 2021

Free Accounting book Solution - Class 11 and Class 12

49. The Balance Sheet of A and B as on 31st March, 2021 is given below :

Liabilities Amount Assets Amount
Sundry Creditors 16,000 Freehold property 20000
General Reserve 24,000 Furniture 6000
Capital   Stock 12000
A 60000 Debtors 80000
B 30000 Cash 12000
       
  130000   130000

A and B share profits and losses in the ratio of 2 : 1. They agree to admit P into the firm subject to the following terms and conditions.
(a) P will bring in Rs. 21000 of which Rs. 9000 will be treated as his share of goodwill to be retained in the business.
(b) P will be entitled to 1/4th share of profits of the firm.
(c) A reserve for bad and doubtful debts is to be created at 3% of the debtors.
(d) Furniture is to be depreciated by 5%.
(e) Stock is to be revalued at Rs. 10500.
Prepare revaluation A/c, Capital accounts and Opening Balance Sheet of the new firm.

The solution of Question 49 Chapter 5 – Unimax Class 12 Part 1

  Revaluation A/c

Particulars Amount Particulars   Amount
To Furniture a/c (5% on 6000) 300 By Loss on Revaluation A/c    
To Stock A/c 1500 A (2 : 1) 2800  
To Provision for doubtful debts a/c (3% on 80000) 2400 B 1400 4200
         
  4200     4200

  Capital Accounts

Particulars A B C Particulars A B    C
To Loss on revaluation a/c 2800 1400 By Balance b/d 60000 30000
To balance c/d 79200 39600 12000 By Cash A/c 12000
        By Premium A/c 6000 3000
        By General Reserve A/c ( 2 : 1) 16000 8000
               
               
  82000 41000 12000   82000 41000 12000

  Balance Sheet

 Liabilities
  Rs.  Assets
  Rs.
Sundry Creditors   16000 Freehold Property   20000
Capital Accounts     Furniture   5700
A 79200   Stock   10500
B 39600   Debtors 80000  
C 12000 130800 Less Provision 2400  
      Cash   33000
           
    146800     146800

 

 

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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

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Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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