Question 14 Chapter 4 of Class 12 Part – 1 Usha Publication
14. (Different Cases) A and B are partners in 2:1 ratio. They had Rs.10,000 in deferred advertisement account and Rs.11,000 in (Dr.) profit and loss account. Show the adjustment under the following cases when their new ratio is agreed to eb 3:2.
- When relevant accounts are closed.
- When relevant accounts are not closed.
The solution of Question 14 Chapter 4 of Class 12 Part – 1 Usha Publication: –
(a) When relevant aaccounts are closed:
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| A’s Capital A/c (21,000 X 2/3) | Dr. | 14,000 | |||
| B’s Capital A/c (21,000 X 1/3) | Dr. | 7,000 | |||
| To Deferred advertisement a/c | 10,000 | ||||
| To Profit & Loss a/c | 11,000 | ||||
| (Being deferred advertisement account and profit & loss a/c distributed in 2:1 ratio) | |||||
(b) When relevant accounts are not closed:
Old Ratio = 2 : 1
New Ratio = 3 : 2
Calculate the Sacrificing or Gaining Ratio of Partners
Sacrificing or Gaining Ratio = Old ratio – New ratio
| A’s Sacrificing/Gaining Share | = | 2 | – | 3 |
| 3 | 5 |
| = | 10 – 9 | |
| 15 |
| = | 1 | (Sacrifice) | |
| 15 |
| B’s Sacrificing/Gaining Share | = | 1 | – | 2 |
| 3 | 5 |
| = | 5 – 6 | |
| 15 |
| = | -1 | (Gain) | |
| 15 |
Calculation of amount to be debited and credited :
=(10,000= Rs.1,400
+11,000)*1/5
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| A’s Capital A/c | Dr. | 1,400 | |||
| To B’s Capital A/c | 1,400 | ||||
| (Being adjustment entry passed) | |||||
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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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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