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Question 51 Chapter 5 of +2-Part-1
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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.
We are providing a solution of Question 51 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:-
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The video consists solution of question numbers from 51 to 52 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 51 from the following video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
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 | ||
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| 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
- Chapter No. 1 – Accounting Not for Profit Organisations
- 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)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
