Question 36 Chapter 6 of Class 12 Part – 1 Usha Publication
36. (Revaluation A/c/ Capital Ac/B/S/GST) X , Y and Z were partners in firm sharing profits in the proportions of 1/2 , 1/3 and 1/6 respectively. The Balance Sheet of the firm on 31st March 2013 was as follow :
| Liabilities | Rs. | Assets | Rs. |
| Sundry creditors | 15,000 | Cash at bank | 4,000 |
| Provident fund | 6,000 | Debtors 40,000 | |
| Reserve fund | 12,000 | Less Provision 2,000 | 38,000 |
| X’s capital | 65,000 | Stock | 30,000 |
| Y’s capital | 30,000 | Investments | 15,000 |
| Z’s capital | 20,000 | Patents | 10,000 |
| Plant & machinery | 50,000 | ||
| Input GST | 1,000 | ||
| 1,48,000 | 1,48,000 |
Z retired on the above date on the following terms :
(a) Goodwill of the firm was valued at Rs. 30,000
(b) Value of patents was to be reduced by 20% and that of the Plant & machinery by 10 %.
(c) Prevision for had debts was to be raised to 6%.
(d) Z took over the investment at the value of Rs. 17,600.
(e) Liability on the A/c of the provident fund was only Rs. 2,400.
Show the necessary journal entries for the treatment of the goodwill, prepare revaluation A/c, capital account of the partners & Balance sheet of X & Y after Z’s retirement.
The solution of Question 36 Chapter 6 of Class 12 Part – 1 Usha Publication: –
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| Z’s share in the goodwill | = | 30,000 | x | 1 |
| 6 | ||||
| = | Rs 5,000 |
| X’s gain | = | 3 | – | 3 |
| 5 | 6 | |||
| = | 3 | |||
| 30 |
| Y’s gain | = | 2 | – | 2 |
| 5 | 6 | |||
| = | 2 | |||
| 30 |
Gaining ratio = 3 : 2
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| X’s Capital A/c | Dr. | 3,000 | |||
| Y’s capital A/c | dr. | 2,000 | |||
| To Z’s Capital A/c | 5,000 | ||||
| (Being goodwill adjusted. ) | |||||
| Revaluation account |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Patents A/c | 2,000 | By Provident fund | 3,600 | ||
| To plant & Machinery A/c | 5,000 | By investments A/c | 2,600 | ||
| To provision for doubtful debts A/c | 400 | ||||
| By loss revaluation, A/c transferred to capital A/c | |||||
| X | 600 | ||||
| Y | 400 | ||||
| Z | 200 | 1,200 | |||
| 7,400 | 7,400 | ||||
| Partners’ Capital Account | |||||||
| Particulars | X | Y | Z | Particulars | X | Y | Z |
| To Revaluation A/c | 600 | 400 | 200 | By Balance b/d | 65,000 | 30,000 | 20,000 |
| To Z’s capital A/c | 3,000 | 2,000 | By reserve fund | 6,000 | 4,000 | 2,000 | |
| To Investments | 17,600 | By X’s capital A/c | 3,000 | ||||
| To Z’s loan A/c | 9,200 | By Y’s capital A/c | 2,000 | ||||
| 3,600 | |||||||
| To Balance c/d | 67,400 | 31,600 | – | ||||
| 71,000 | 34,000 | 27,000 | 71,000 | 34,000 | 27,000 | ||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Sundry Creditors | 15,000 | Cash at bank | 4,000 | ||
| Provident fund | 2,400 | Stock | 30,000 | ||
| Z’s loan A/c | 9,200 | Sundry Debtors | 40,000 | ||
| X’s Capital A/c | 67,400 | Less provision | 2,400 | 37,600 | |
| Y’s Capital A/c | 31,600 | Patents | 8,000 | ||
| Plant & Machinery | 45,000 | ||||
| Input IGST | 1,000 | ||||
| 1,25,600 | 1,25,600 | ||||
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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