Question 51 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 51 Chapter 5 of +2- Part-

Question 51 Chapter 5 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

51. (Journal /partner’s cap. A/c/B/S) the balance sheet of Ashish, Achyut, and Akhilesh who shared profits in the ratio 6:5:2 respectively on 31st march, 2018 was under :

Liabilities    Rs Assets Rs
Sundry Creditors   15,000 LAND & Buildings  50,000
Bills Payable   7,000 Furniture 7,500
Capital accounts      Stock 38,000
Ashish 30,000   Debtors 15,000
Achyut 32,000   Bills Receivables 7,500
Akhilesh 24,000 92,000 Bank 4,000
Current accounts         
Ashish 4,000      
Achyut 3,000      
Akhilesh 1,000 8,000    
    1,22,000   1,22,000

It was decided to admit Anuj on 1st April 2018 and give him 1/10th share in the profits on the following terms :
(a) The new partner would bring in Rs. 15,000 as his share in capital and Rs. 9,000 as goodwill which will directly be taken by the old partners.
(b) Stock would be revalued at Rs. 34,200 and furniture at Rs. 6,600.
(c) Provision for bad debts to be made Rs. 1,300.
(d) Land and Building to be appreciated by Rs. 15,000.
Pass necessary journal entries to record the above arrangement.
Prepare necessary ledger accounts and new Balance sheets of Ashish, Achyut, Akhilesh and Anuj

The solution of Question 51 Chapter 5 of +2 Part-1: –

Journal
Date Particulars
L.F. Debit Credit
           
1. Bank A/c Dr.   15,000  
  To Anuj’s Capital A/c       15,000
  (Being cash brought in by a new partner as his capital & goodwill )      
         
2. Revaluation A/c Dr.   6,000  
  To Stock A/c       3,800
  To Goodwill A/c       900
  To provisional for doubtful debts A/c       1,300
  (Being goodwill written off)        
           
3. Land & Building A/c Dr.   15,000  
  To Revaluation A/c       15,000
  (Being revaluation of assets)        
           
4. Revaluation A/c Dr.   9,000  
  To Ashish’s Current A/c       4,154
  To Achyut’s Current A/c       3,461
  To Akhilesh’s Current A/c       1,385
  (Being profit on revaluation distributed)        
         
Partners’ Current Account   
Particulars Ashish Achyut Akhilesh Anuj Particulars Ashish Achyut Akhilesh Anuj
          By Balance b/d 4,000 3,000 1,000
          By Premium Account 4,154 3,461 1,385
To Balance c/d 8,154 6,461 2,385 —           
  8,154 6,461 2,385   8,154 6,461 2,385
Partners’ Capital Account   
Particulars Ashish Achyut Akhilesh Anuj Particulars Ashish Achyut Akhilesh Anuj
          By Balance b/d 36,000 32,000 24,000  
          By Bank Account       15,000
To Balance c/d 36,000 32,000 24,000  15,000          
  36,000 32,000 24,000 15,000   36,000 32,000 24,000 15,000
Balance Sheet
Liabilities
Amount Assets Amount
Sundry Creditors   15,000 LAND & Buildings   65,000
Bills payable   7,000 Furniture   6,600
Capital accounts     Debtors 15,000  
Ashish 36,000   Less provision 1,300 13,700
Achyut 32,000   Bills Receivables   7,500
Akhilesh 24,000   Bank   19,000
Anuj 15,000 1,07,000 Stock   34,200
Current accounts          
Ashish 8,154        
Achyut 6,461        
Akhilesh 2,385 17,000      
           
    1,46,000     1,46,000

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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 51 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

4 thoughts on “Question 51 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1”

  1. There’s no revaluation account that is required in the question…….. please make revaluation account for more help

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