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Question 65 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 65 Chapter 5 of +2- Part-
Q-65. - CH-2 - Usha +2 Book 2018 - Solution

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Question 65 Chapter 5 of +2-Part-1

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65. (Journal/B/S) Below is the balance sheet of Krishna & Sudama who shared profit & losses in the ratio 3: 2 respectively as on 31-12-2015 :

Liabilities Rs. Assets Rs. 
Sundry creditors15,000Plant & machinery 30,000
Bills payable 2,750Patents 5,000
General reserve20,250Furniture 21,000
Capitals : Stock26,000
Krishna 60,000Sundry debtors15,000
Sudama 40,000Cash 6,000
  Goodwill10,000
  Building 25,000
 1,38,000 1,38,000

On the date of the Balance Sheet, Balram is admitted as a partner with 1/4th share in profits upon the following conditions.
(a) He is to contribute proportionate capital.
(b) Goodwill is to be valued at 2 years purchase of 4 years average profits, were Rs. 10,000; Rs. 9,000; Rs. 8,000 and Rs. 13,000 respectively.
(c) Plant and Machinery is to be written down to Rs. 25,000 and Patents up to Rs. 9,000.
A provision of 5% on debtors is required. A liability of Rs. 500 included in sundry creditors is not likely to arise. Prepare Revaluation A/c, Partners’ Capital A/c and give the Balance.

We are providing a solution of Question 65 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 65 to 66 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 65 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 65 Chapter 5 of +2 Part-1: –

Revaluation account
Particulars
AmountParticularsAmount
To plant & machinery 5,000By Building A/c 4,000
To Provision for doubtful debts 750By creditors 500
      
   By loss :  
   Krishna750 
   Sudama5001,250
  5,750  5,750
Partners’ Capital Account 
ParticularsKrishnaSudamaBalramParticularsKrishnaSudamaBalram
To Revaluation A/c6,0004,000 By Balance b/d60,00040,000 
To Revaluation A/c750500 By Cash A/c12,1508,10038,000
    By balance current A/c3,0002,000 
        
To Balance c/d 68,40045,60038,000    
 75,15050,10038,000 75,15050,10038,000
Balance Sheet
Liabilities
AmountAssetsAmount
Sundry Creditors 14,500Plants & machinery 25,000
Bills payable 2,750Patents 9,000
Capital Accounts  Furniture 21,000
Krishna68,400 Stock 26,000
Sudama45,600 Debtors 14,250
Balram38,0001,52,000Balram’s current A/c 5,000
   Cash (6000+38000) 44,000
   Building 25,000
  1,69,250  1,69,250

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Comment if you have any questions.

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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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