# Question 66 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-66. - CH-2 - Usha +2 Book 2018 - Solution

Question 66 Chapter 5 of +2-Part-1

66. (Adjustment of the capital/goodwill/revaluation A/c/ partner’s capital A/c balance sheet) A firm has two partners B & C , sharing profits in the ratio of 3:2. they admit A into the firm on 1-4-2016when the balance sheet of the firm was as follows :

 Liabilities Rs. Assets Rs. B’s capital A/c 30,000 Cash 2,000 C’s capital A/c 10,000 Debtors 4,000 Profit & loss A/c 7,500 Stock 6,000 Creditor 7,000 Investments 9,000 Bills payable 2,500 Furniture 18,000 Machinery 18,000 57,000 57,000

Terms of A’s admission were as follows:
(i) A is to bring Rs. 20,000 as his capital for a 1/3rd share of profit and Rs. 3,500 as his share of Goodwill.
(ii) Value of machinery and stock are to be reduced by Rs. 7,000 and Rs. 1,000 respectively and the value of furniture to be increased by Rs. 3,000. (iii) Capital of the partners shall be proportionate to their profits sharing ratio, taking A’s capital as a base. Excess capital is to be withdrawn in cash by the partner concerned and the deficiency is to be made up by bringing cash.
Prepare Revaluation Account, Partner’s Capital Accounts, and the Balance Sheet of the firm after the above adjustments.

We are providing a solution of Question 66 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. 66 from the following video by using time stamps of the video.

Day - 97 | Solution of Questions 65 to 66 Admission of a Partner | Chapter 5 Accounts class 12 PSEB

## The solution of Question 66 Chapter 5 of +2 Part-1: –

 Revaluation account Particulars Amount Particulars Amount To Machinery A/c 7,000 By furniture A/c 3,000 To Stock A/c 1,000 By loss on revaluation transferred to B’s capital A/c 3,000 C’s capital A/c 2,000 5,000 8,000 8,000
 Partners’ Capital Account Particulars B C A Particulars B C A To Revaluation A/c 3,000 2,000 By Balance b/d 30,000 10,000 To Cash A/c 9,600 By Cash A/c 20,000 By P & L A/c 4,500 3,000 By premium for Goodwill A/c 2,100 1,400 By cash A/c 3,600 To Balance c/d 24,000 16,000 20,000 36,600 18,000 20,000 36,600 18,000 20,000
 Balance Sheet Liabilities Amount Assets Amount Creditors 7,000 Cash (2000+20000+3600-9600+3500) 19,500 Bills payable 2,500 Machinery 11,000 Capital Accounts Furniture (18000+3000) 21,000 B 24,000 Investment 9,000 C 16,000 Stock 5,000 A 20,000 60,000 Debtors 4,000 69,500 69,500

WORKING NOTES :

1. Calculation of New profit sharing Ratio

 A’s share = 1 3

 Remaining share for A,B, and C = 1 – 1 3 = 2 3

Remaining share distributed among B and C in old profit sharing ratio

 B‘s share = 2 x 3 3 5 = 6 15
 C‘s share = 2 x 2 3 5 = 4 15
 A‘s share = 1 x 5 3 5 = 5 15

New profit sharing ratio = 6 : 4 : 5

ii. Calculation of New Capital of B and C

Calculation of Total Capital of new firm
= A’s Capital X Reverse of A’s share

 Total capital = 20,000 x 3 1 = 60,000

Total Capital distribute among all partners in new profit sharing ratio:-

 B’s New Capital = 60,000 x 6 15 = 24,000
 C’s New Capital = 60,000 x 4 15 = 16,000

Comment if you have any questions.

End of Solution

## Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 01 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 07 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 13 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 19 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Parat – 1

Question 25 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 31 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 37 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 43 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 48 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 54 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 60 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 66 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

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## Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum

Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.

Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)

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)

## Check out Part 2 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication