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VDO+ Tag:Question 19 Chapter 4 of +2-Part-1
19. (Revaluation entries) X and Y share profits in 6:7 ratio. The future ratio will be 4:3 from 1st April 2018. They have decided to make a revaluation of assets and liabilities by passing revaluation entries before bringing into force the new ratio.
The following is the position of assets on 1st April 2018 with their revised values
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Video Tag:| Book Value | Revised Value | |
| Building | 50,000 | 55,200 |
| Machinery | 25,000 | 22,400 |
| Creditors | 28,000 | 29,300 |
| Stock | 29,000 | 32,900 |
The solution of Question 19 Chapter 4 of Class 12 Part – 1 Usha Publication: –
(i) If there is no other information.
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2018 | |||||
| Apr. 1 | Building a/c (Rs.55,200-50,000) | Dr. | 5,200 | ||
| Stock a/c (Rs.32,900-29,000) | Dr. | 3,900 | |||
| To Revaluation A/c | 9,100 | ||||
| (Being increase in the value of assets recorded in the books) | 15,000 | ||||
| Revaluation a/c | Dr. | 2,600 | |||
| To Machinery A/c (Rs.25,000-22,400) | 2,600 | ||||
| (Being decrease in the value of assets recorded in the books). | |||||
| Revaluation A/c | Dr. | 1,300 | |||
| To Creditors A/c | 1,300 | ||||
| (Being increase in the amount of liability recorded in the books) | |||||
| Revaluation a/c (Rs.9,100-3,900) | Dr. | 5,200 | |||
| To X’s Capital a/c | 2,400 | ||||
| To Y’s Capital a/c | 2,800 | ||||
| (Being Profit on revaluation a/c transfer to partners capital a/c in O.P.S.R) | |||||
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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