Question 40 Chapter 6 of Class 12 Part – 1 Usha Publication
40. (Capital to be adjusted in New Profit Sharing Ratio) The Balance Sheet of X ,Y & Z who shared profits in the ratio of 4:3:2 as on 31st March, 2016 was as follows:
| Liabilities | Rs. | Assets | Rs. |
| Sundry Creditors | 7,700 | Cash at Bank | 6,300 |
| General reserve | 1,800 | Debtors 6,000 | |
| Capital X | 19,000 | Less provision 300 | 5,700 |
| Y | 14,000 | Stock | 7,000 |
| Z | 12,000 | Plant & machinery | 10,500 |
| Building | 25,000 | ||
| 54,500 | 54,500 |
Y retired on the above date and it was agreed that :-
(i) Stock would be depreciated by 5%.
(ii) Building would be appreciated by 5%.
(iii) A provision of 320 be made for legal charges.
(iv) Goodwill of the firm was valued at 14,000. (But no goodwill account is to be raised)
(v) and Z were to share the future profits in 5 : 3 ratio.
(vi) Y was to be paid Z 5,000 in Cash and balance was to be transferred to his loan account.
(vii) X and Z were to maintain their capitals in new profit-sharing ratio and to bring in or withdraw cash for the purpose. Capital of the new firm was fixed at 28,000.
Prepare, Revaluation Account, Capital accounts of all the partners, Bank Account, and the Balance Sheet of X and Z after Y’s retirement.
The solution of Question 40 Chapter 6 of Class 12 Part – 1 Usha Publication: –
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| Revaluation Account |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Sock A/c | 350 | By Building A/c | 1,250 | ||
| To Provision for L/c | 320 | ||||
| To profits transferred | 2,000 | ||||
| X | 258 | ||||
| Y | 193 | ||||
| Z | 129 | 580 | |||
| 1,250 | 1,250 | ||||
| Partners’ Capital Account | |||||||
| Particulars | X | Y | Z | Particulars | X | Y | Z |
| To Y’s capital A/c | 2,528 | 2,139 | By Balance b/d | 19,000 | 14,000 | 12,000 | |
| To Bank A/c | 500 | By Revaluation A/c | 258 | 193 | 129 | ||
| To Bank A/c | 30 | By General Reserve A/c | 800 | 600 | 400 | ||
| To Y’s loan A/c | 14,460 | By Bank A/c | 110 | ||||
| By X’s Capital A/c | 2,528 | ||||||
| To Balance c/d | 17,500 | – | 10,500 | By Z’s Capital A/c | 2,139 | ||
| 20,028 | 19,460 | 12,529 | 20,417 | 19,460 | 12,529 | ||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Y’s Laon | 14,460 | Cash in Bank | 1,380 | ||
| Creditor | 7,700 | Stock | 6,650 | ||
| Provision for L/c | 320 | Debtors | 6,000 | ||
| Capital X | 17,500 | Less Provision | 300 | 5,700 | |
| Z | 10,500 | Plant & Machinery | 10,500 | ||
| Building | 26,250 | ||||
| 50,480 | 50,480 | ||||
| Bank Account |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 6,300 | By Y’s Capital | 5,000 | ||
| To Z’s Capital | 110 | By X’s Capital | 30 | ||
| By balance c/d | 1,380 | ||||
| 6,410 | 6,410 | ||||
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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