Question 51 Chapter 5 of +2- Part-

Question 51 Chapter 5 of +2-Part-1

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

Liabilities  RsAssetsRs
Sundry Creditors 15,000LAND & Buildings 50,000
Bills Payable 7,000Furniture7,500
Capital accounts   Stock38,000
Ashish30,000 Debtors15,000
Achyut32,000 Bills Receivables7,500
Akhilesh24,00092,000Bank4,000
Current accounts     
Ashish4,000   
Achyut3,000   
Akhilesh1,0008,000  
  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. 7,000 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 sheet of Ashish, Achyut, Akhilesh and Anuj

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

Journal
DateParticulars
L.F.DebitCredit
2019     
 Bank A/cDr. 15,000 
 To Anuj’s Capital A/c   15,000
 (Being cash brought in by new partner as his capital & goodwill )   
     
 Revaluation A/cDr. 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)    
      
 Land & Building A/cDr. 15,000 
 To Revaluation A/c   15,000
 (Being revaluation of assets)    
      
 Revaluation A/cDr. 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’ Capital Account  
ParticularsAshishAchyutAkhileshAnujParticularsAshishAchyutAkhileshAnuj
     By Balance b/d4,0003,0002,000 
     By Premium Account4,1543,4611,385 
To Balance c/d 8,1546,4612,385      
 8,1546,4612,385  8,1546,4612,385 
Partners’ Capital Account  
ParticularsAshishAchyutAkhileshAnujParticularsAshishAchyutAkhileshAnuj
     By Balance b/d36,00032,00024,000 
     By Bank Account   15,000
To Balance c/d 36,00032,00024,000 15,000     
 36,00032,00024,00015,000 36,00032,00024,00015,000
Balance Sheet
Liabilities
AmountAssetsAmount
Sundry Creditors 15,000LAND & Buildings 65,000
Bills payable 7,000Furniture 6,600
Capital accounts  Debtors15,000 
Ashish36,000 Less provision1,30013,700
Achyut32,000 Bills Receivables 7,500
Akhilesh24,000 Bank 19,000
Anuj15,0001,07,000Stock 34,200
Current accounts     
Ashish8,154    
Achyut6,461    
Akhilesh2,38517,000   
      
  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

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

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

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