Question 38 Chapter 6 of Class 12 Part – 1 Usha Publication
38 (Adjustment of Goodwill without raising Goodwill A/c Partner Loan A/c Journal) A B and C are carrying an business in partnership sharing profits and losses in the ratio of 3 :2: 1 respectively On 31st December, 2018, the Balance Sheet of the firm stood as follows:
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 13,590 | Cash | 5,900 |
| Capitals A | 15,000 | Debtors | 8,000 |
| B | 10,000 | Stock | 11,690 |
| C | 10,000 | Building | 23,000 |
| 48,590 | 48,590 |
B retired on the following terms:
(i)Building appreciated by Rs.7,000.
(ii) Provision for bad debts is to make at 5% on debtors.
(iii) Goodwill of the firm valued at Rs. 9,000 and adjustment in this respect be made without raising goodwill account..
(iv) Rs. 5,000 to be paid to B immediately and the balance due to him be treated as loan carrying interest @ 6% per annum.
Pass journal entries to record the above-mentioned transactions and show the Balance Sheet of the firm as it would appear immediately after B’s retirement.
The solution of Question 38 Chapter 6 of Class 12 Part – 1 Usha Publication: –
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The video consists solution of questions number 38 to 39 Chapter no. 6 class 12 of Usha publication. To check the direct solution of question no. 38 from the flowing video by using time stamps of the video.
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| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| Building A/c | Dr. | 7,000 | |||
| To Revaluation A/c | 7,000 | ||||
| (Being appreciated value of Building recorded in the books) | |||||
| Revaluation A/c | Dr. | 400 | |||
| To provision for doubtful debts A/c | 400 | ||||
| (Being Provision for doubtful debts created on Debtors) | |||||
| Revaluation A/c | Dr. | 6,600 | |||
| To A’s capital A/c | 3,300 | ||||
| To B’s capital A/c | 2,200 | ||||
| To C’s capital A/c | 1,100 | ||||
| (Being revaluation on profit ) | |||||
| A’s capital A/c | Dr. | 2,250 | |||
| C’s capital A/c | Dr. | 750 | |||
| To B’s capital A/c | 3,000 | ||||
| (Being adjustment of goodwill ) | |||||
| B’s capital A/c | Dr. | 5,000 | |||
| To cash A/c | 5,000 | ||||
| (Being part payment to B) | |||||
| B’s capital A/c | Dr. | 10,200 | |||
| To B’s loan A/c | 10,200 | ||||
| (Being settlement of B’s A/c) | |||||
| Partners’ Capital Account | |||||||
| Particulars | A | B | C | Particulars | A | B | C |
| To B’s capital A/c | 2,250 | 750 | By Balance b/d | 15,000 | 10,000 | 10,000 | |
| To Cash | 5,000 | By Revaluation A/c | 3,300 | 2,200 | 1,100 | ||
| To B’s loan A/c | 10,200 | By A’s capital A/c | 2,250 | ||||
| By C’s capital A/c | 750 | ||||||
| To Balance c/d | 16,050 | – | 10,350 | ||||
| 18,300 | 15,200 | 11,100 | 18,300 | 15,200 | 11,100 | ||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Creditors | 13,590 | Cash | 900 | ||
| B’s loan A/c | 10,200 | Debtors | 8,000 | ||
| Capital | Less Provision | 400 | 7,600 | ||
| A | 16,050 | Stock | 11,690 | ||
| C | 10,350 | 26,400 | Building | 30,000 | |
| 50,190 | 50,190 | ||||
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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