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Question 67 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 67 Chapter 5 of +2- Part-
Q-67. - CH-2 - Usha +2 Book 2018 - Solution

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Question 67 Chapter 5 of +2-Part-1

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67. ( Adjustment of capital revaluation A/c/ Partner’s Cap. A/c/B/S) Ram , Rahim & Jacob are partners in the firm by the name “Good Luck Prices”. Their balance sheet on 31st , December , 2015 was as follows :

Liabilities  Rs. Assets  Rs.
Sundry Creditors  27,000 Goodwill  1,17,000
Employees provident fund  6,000 Building 1,25,000
Bills payable  45,000 Machinery    72,000
General reserve  15,000 Furniture  24,000
Capitals:   Stock  1,14,000
Ram  2,17,000 Book – debts   1,02,000
Rahim   1,66,000 Cash  12,000
Jakob  90,000    
  5,66,000   5,66,000

On that date, they agreed to take David as an equal partner on the following terms:
(i) David should bring in Rs. 1,60,000 as his capital and Goodwill. His share goodwill is valued at Rs. 60,000.
(ii) The goodwill account is to be written off before admission.
(iii) Provision for loss of stock and provision for book debts is to be made at 10% and 5% respectively.
(iv) The value of Building is to be taken at Rs. 1,90,000.
(v) The total capital of the new firm had been fixed at Rs. 4,00,000 and the partners accounts are to be adjusted in their profit sharing ratios. Any excess is to be transferred to current account or deficit to be introduced in cash.
(vi) Accrued commission on purchases is Rs. 10,000.
You are required to prepare the Revaluation account, Capital accounts and Balance Sheet of the new firm.

We are providing a solution of Question 67 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 67 to 68 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 67 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 67 Chapter 5 of +2 Part-1: –

Revaluation account
Particulars
Amount Particulars Amount
To Stock   11,400 By furniture A/c   75,000
To Provision for doubtful debts   5,100      
           
To Profit on revaluation transferred to capital A/c        
Ram 19,500        
Rahim 19,500        
Jakob 19,500 58,500      
    75,000     75,000
Ram capital accounts
Particulars
Amount Particulars Amount
To Goodwill A/c   39,000 By Balance b/d   2,17,000
By Ram’s current A/c   1,22,500 By revaluation Account   19,500
To Balance c/d   1,00,000 By Premium Account   20,000
      By General reserve Account   5,000
    2,61,500     2,61,500

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Rahim capital accounts
Particulars
Amount Particulars Amount
To Goodwill A/c   39,000 By Balance b/d   1,66,000
By Ram’s current A/c   71,500 By revaluation Account   19,500
To Balance c/d   1,00,000 By Premium Account   20,000
      By General reserve Account   5,000
    2,10,500     2,10,500
Jakob capital accounts
Particulars
Amount Particulars Amount
To Goodwill A/c   39,000 By Balance b/d   90,000
To Balance c/d   1,00,000 By Premium Account   20,000
      By Revaluation Account   5,000
      By Bank Account   19,500
      By General res. Account   4,500
    1,39,000     1,39,000
David’s capital accounts
Particulars
Amount Particulars Amount
To Balance c/d   1,00,000 By Bank Account   1,00,000
           
Cash accounts
Particulars
Amount Particulars Amount
To Balance b/d   12,000 By Balance c/d   1,76,500
To David’s capital A/c   1,00,000      
To Premium Account   60,000      
To Jakob’s capital A/c   4,500      
           
    1,76,500     1,76,500
Balance Sheet
Liabilities
Amount Assets Amount
Sundry Creditors   27,000 Building   2,00,000
Bills payable   45,000 Machinery   72,000
Employee’s provident fund   6,000 Furniture   24,000
Capital Accounts     Stock   1,02,600
Ram 1,00,000   Books debts 1,02,000  
Rahim 1,00,000   Less provision For debts 5,100 96,900
Jakob 1,00,000   Cash   1,76,500
David 1,00,000 4,00,000      
Current A/c          
Ram 1,22,500        
Rahim 71,500 1,94,000      
           
    6,72,000     6,72,000

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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