Question 8 Chapter 4 – Unimax Class 12 Part 1 – 2021

Question 8 Chapter 4 – Unimax Class 12 Part 1

8. A and B are partners sharing Profits and losses in ratio of 3 : 2. Their Balance Sheet is showing a balance of Rs. 50000 in General Reserve Account and Rs. 40000 (Cr.) in Profit and Loss Account. They now decide to share future profits equally. Instead of closing the General Reserve Account and Profit and Loss Account, it is decided to record an adjustment entry for the same. You are required to record the necessary adjustments entry to give effect to the above arrangement.

The solution of Question 8 Chapter 4 – Unimax Class 12 Part 1

B will pay to A, Rs. 9000 ( Rs. 90000 x 1/10)

Journal

What is Partnership – Meaning and Its 4 Types

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
• Chapter No. 3 – Goodwill: Nature and Valuation
• Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 – Admission of a Partner
• Chapter No. 6 – Retirement/Death of a Partner
• Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 – Company Accounts –  Accounting for Share Capital
• Chapter No. 9 – Company Accounts – Issue of Debentures
• Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis 
• Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
• Chapter No. 4 – Accounting Ratios
• Chapter No. 5 – Cash Flow Statement

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