Question 36 Chapter 6 of Class 12 Part – 1 Usha Publication

Question 36 Chapter 6 of Class 12 Part – 1 Usha Publication

Advertisement

VDO+ Tag:

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 :

Advertisement

Video Tag:
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: –

We are providing a solution of Question 36 Chapter 6 of Class 12 Part – 1 Usha Publication 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 questions number 35 to 36 Chapter no. 6 class 12 of Usha publication. To check the direct solution of question no. 36 from the flowing video by using time stamps of the video.

Day - 129 | Solution of Questions 35 to 36 Retirement of a Partner Chapter 6 Accounts class 12 PSEB

2. Check out the Solution of this question in Article Format:-

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

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.


End of Solution


Check Out the Solution of all questions of this chapter:

The solution to all questions of Ch 6 Partnership Accounts V (Retirement and Death of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 11 Chapter 6 of Class 12 Part – 1 Usha Publication

Question 23 Chapter 6 of Class 12 Part – 1 Usha Publication

Question 35 Chapter 6 of Class 12 Part – 1 Usha Publication

Question 48 Chapter 6 of Class 12 Part – 1 Usha Publication

Question 60 Chapter 6 of Class 12 Part – 1 Usha Publication

Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.

Thanks again.

Download a PDF of Ch 6 Partnership Accounts V (Retirement and Death of A Partner):

If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.

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

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

Leave a Reply

Your email address will not be published. Required fields are marked *