Question 35 Chapter 6 of Class 12 Part – 1 Usha Publication
35. (Journal/Ledger A/c/Balance Sheet) X and Y were partners sharing in 3:2. balance sheet was as under :
| Liabilities | Rs. | Assets | Rs. |
| Capitals | Plant & machinery | 20,000 | |
| X | 25,000 | Stock | 15,000 |
| Y | 20,000 | Sundry Debtors | 20,000 |
| Reserve | 10,000 | Cash in hand | 10,000 |
| Sundry Creditors | 15,000 | Cash at bank | 5,000 |
| 70,000 | 70,000 |
Y retires on that date and X takes its over. The following revaluations are made.
(a) Goodwill of the firm is valued at 25,000.
(b) Depreciate plant and machinery @ 10% p.a.
(c) A Bad debts provision is raised against sundry debtors @ 5%.
Journalise the above transactions in the books of the firm and give the balance sheet of X.
The solution of Question 35 Chapter 6 of Class 12 Part – 1 Usha Publication: –
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| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| X’s Capital A/c | Dr. | 10,000 | |||
| To Y’s Capital A/c | 10,000 | ||||
| (Being goodwill adjusted. ) | |||||
| Reserve Fund A/c | Dr. | 10,000 | |||
| To X’s capital A/c | 6,000 | ||||
| To Y’s capital A/c | 4,000 | ||||
| (Being reserve fund transferred ) | |||||
| Revaluation A/c | Dr. | 3,000 | |||
| To Plant & Machinery A/c | 2,000 | ||||
| To provision for doubtful debts | 1,000 | ||||
| (Being decrease in the value of assets on revaluation) | |||||
| X’s capital A/c | Dr. | 1,800 | |||
| Y’s capital A/c | Dr. | 1,200 | |||
| To Revaluation A/c | 3,000 | ||||
| (Being loss on revaluation transferred to the capital A/c of partners in old ratio ) | |||||
| Y’s Capital A/c | Dr. | 32,800 | |||
| To Y’s loan A/c | 32,800 | ||||
| (Being Balance in Y’s Capital transferred to his loan A/c) | |||||
| Revaluation account |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To plant & machinery A/c | 2,000 | ||||
| To provision for doubtful debts | 1,000 | ||||
| By loss revaluation, A/c transferred to capital A/c | |||||
| X | 1,800 | ||||
| Y | 1,200 | ||||
| 3,000 | 3,000 | ||||
| X’s capital account |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Y’s Capital A/c (Goodwill) | 10,000 | By balance b/d | 25,000 | ||
| To revaluation A/c | 1,800 | By reserve fund | 6,000 | ||
| To balance c/d | 19,200 | ||||
| 31,000 | 31,000 | ||||
| Y’s capital account |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To revaluation A/c (loss) | 1,200 | By balance b/d | 20,000 | ||
| By reserve fund | 4,000 | ||||
| By X’s Capital A/c (Goodwill) | 10,000 | ||||
| To Y’s loan A/c | 32,800 | ||||
| 34,000 | 34,000 | ||||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Sundry Creditors | 15,000 | Machinery | 18,000 | ||
| X’s Capital A/c | 19,200 | Stock | 15,000 | ||
| Y’s loan A/c | 32,800 | Sundry Debtors | 20,000 | ||
| Less provision | 1,000 | 19,000 | |||
| Cash in hand | 10,000 | ||||
| Cash at Bank | 5,000 | ||||
| 67,000 | 67,000 | ||||
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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