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VDO+ Tag:Question 30 Chapter 4 of Class 12 Part – 1 – 2024
30. (Revaluation by passing a single adjustment entry) P, Q and R are sharing profits and losses in the ratio of 5:3:2. They decided to share future profits and losses in the ratio of 2:3:5 with effect from 1st April,2016. They also decided to record the effect of following revaluations without affecting the book value of assets and liabilities by passing a single adjustment entry:
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Video Tag:| Book Value | Revalued Amount | |
| Land & Building | 2,00,000 | 3,00,000 |
| Equipment | 3,00,000 | 2,80,000 |
| Bank Loan | 1,00,000 | 90,000 |
| Outstanding salaries | 90,000 | 1,20,000 |
The solution of Question 30 Chapter 4 of Class 12 Part – 1 – 2024: –
We are providing a solution of Question 30 Chapter 4 of Class 12 Part – 1 – 2024 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:-
The video consists solution of question numbers from 20 to 23 Chapter no. 4 class 12 of Usha publication. To check the direct solution of question no. 30 from the following video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| R’s Capital a/c | Dr. | 18,000 | |||
| To P’s Capital a/c | 18,000 | ||||
| (Being revaluation of assets and liabilities adjusted through capital accounts) | |||||
Working Notes: –
| Calculation of the amount of Adjustment for revaluation of assets on change in profit sharing ratio: |
||||
| Particular |
P | Q | R | |
| All assets & liabilities distributed in old profit sharing ratio 5:3:2 | ||||
| Land & Building | 50,000(Cr.) | 30,000(Cr) | 20,000(Cr) | |
| Equipment | 10,000(Dr.) | 6,000(Dr.) | 4,000(Dr.) | |
| Bank Loan | 5,000(Cr.) | 3,000(Cr.) | 2,000(Cr.) | |
| Outstanding Salaries | 15,000(Dr.) | 9,000(Dr.) | 6,000(Dr.) | |
| Total | 30,000(Cr.) | 18,000(Cr.) | 12,000(Cr.) | |
| Adjustment for revaluation of assets on change in profit sharing ratio: |
||||
| Particular |
P | Q | R | |
| As per New ratio 2:3:5 | ||||
| Land & Building | 20,000(Cr.) | 30,000(Dr) | 50,000(Dr.) | |
| Equipment | 4,000(Cr.) | 6,000(Cr.) | 6,000(Cr.) | |
| Bank Loan | 2,000(Dr.) | 3,000(Dr.) | 5,000(Dr.) | |
| Outstanding Salaries | 6,000(Cr.) | 9,000(Cr.) | 15,000(Cr.) | |
| Total | 12,000(Dr.) | 18,000(Dr.) | 30,000(Dr.) | |
| Adjustment | 18,000(Cr.) | 18,000(Dr.) | ||
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End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the 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