# Question 12 Chapter 4 of Class 12 Part – 1 Usha Publication

Question 12 Chapter 4 of Class 12 Part – 1 Usha Publication

12. (Different Cases) A B and C are partners in 2:2:1 ratio. They admitted D into the firm for 1/5 share. They had Rs.60,000 in profit and loss account. Record the necessary journal entries in the books of the firm under the following circumstances:

1. When the profit and loss account is closed.
2. When profit and loss account is not closed and only adjustment entry is passed.

## The solution of Question 12 Chapter 4 of Class 12 Part – 1 Usha Publication: –

Day - 62 | Solution of Questions Reconstitution of firm Chapter No. 4 | Accounts class 12 | PSEB |

(a) When the profit and loss account is closed:

 Journal Date Particulars L.F. Debit Credit Profit & Loss a/c Dr. 60,000 To A’s Capital A/c 24,000 To B’s Capital A/c 24,000 To C’s Capital A/c 12,000 (Being profit distributed in 2:2:1 ratio)

(b) When profit and loss account is not closed and only adjustment entry is passed.

 Distribution of profit and general reserve or reconstitution of partnership Particulars A B C D Share in Profit in old ratio 2:2:1 24000 24000 12000 – Share in Profit in new ratio 8:8:4:5 (Cr.)19,200 (Cr.)19,200 (Cr.)9,600 (Cr.)12,000 Adjustment (Cr.)4,800 (Cr.)4,800 (Cr.)2,400 (Cr.)12,000
 Journal Date Particulars L.F. Debit Credit D’s Capital A/c Dr. 12,000 To A’s Capital A/c 4,800 To B’s Capital A/c 4,800 To C’s Capital A/c 2,400 (Being adjustment entry passed)

Comment if you have any questions.

Comment if you have any questions.

End of Solution

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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

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication