Question 43 Chapter 6 of Class 12 Part – 1 Usha Publication

Question 43 Chapter 6 of Class 12 Part – 1 Usha Publication

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Question 43 Chapter 6 of Class 12 Part – 1 Usha Publication

43. (Capital of New Firm given) The Balance sheet of X, Y, and Z who were sharing their profits in proportion to their capital stood as follows on 31st March 2018

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Liabilities Rs. Assets Rs.
SUNDRY Creditors 7,000 Cash at Bank 15,600
CAPITAL A/c   Sundry Debtors     5,000  
X 25,000 Less :  Provision     100 4,900
Y 20,000 Stock 10,000
Z 15,000 Land & Building 11,500
    Plant & Machinery 25,000
  67,000   67,000

Y retires and the following adjustments of the assets and liabilities have been agreed upon before the ascertainment of the amount payable by the firm to Y:
1 That the stock be depreciated by 5%.
2 That a provision for doubtful debts be increased to 5% on debtors
3. That the land and buildings be appreciated by 20%
4. That a provision of Rs. 750 be made in respect of outstanding legal charges.
5 That goodwill of the entire firm be fixed at Rs 16,200 and Y’s share of the same be adjusted into the accounts of X and Z (no goodwill account is to be raised)
6 That X and Z decide to share the future profits of the firm in equal proportions.
7 That the entire capital of the new firm is fixed at Rs. 48,000 between X and Z in equal proportions. For this purpose, actual cash is to be brought in or paid off.
You are required to prepare the revaluation account. Partner’s capital accounts, bank account, and the revised balance sheet after Y’s retirement. Also indicate the gaining ratio

The solution of Question 43 Chapter 6 of Class 12 Part – 1 Usha Publication: –

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The video consists solution of question number 43 Chapter no. 6 class 12 of Usha publication. To check the direct solution of question no. 43 from the flowing video by using time stamps of the video.

Day - 135 | Solution of Questions 43 Retirement of a Partner Chapter 6 Accounts class 12 PSEB

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

Revaluation Account
Particulars
Amount Particulars Amount
To provision doubtful debts   150 By land & Building A/c   5,000
To stock   500      
To outstanding legal charges   750      
To profits transferred          
X 1,500        
Y 1,200        
Z 900 3,600      
    5,000     5,000
Partners’ Capital Account 
Particulars X Y Z Particulars X Y Z
To Y’s capital A/c 1,350   4,050 By Balance b/d 25000 20,000 15,000
To Bank A/c   26,600   By Revaluation A/c 1,500 1,200 900
To Bank A/c 1,150 85,200   By X’s capital A/c   1,350  
        By Z’s capital A/c   4,050  
        By Bank A/c     12,150
To Balance c/d 24,000 24,000        
  26,500 26,600 28,050   26,500 26,600 28,050
Balance Sheet
Liabilities
Amount Assets Amount
Sundry Creditors   7,000  land & Building   30,000
Outstanding legal charges   750 Sundry Debtors 5,000  
X’s Capital A/c 24,000   Less provision 250 4,750
Y’s Capital A/c 24,000 48,000 Stock   9,500
      Plant & machinery   11,500
           
           
    55,750     55,750

Gaining ratio = New share – Old share

X’s gain = 1 5
2 12
         
  = 1    
  12    
Z’s gain = 1 3
2 12
         
  = 3    
  12    

Gaining ratio = 1 : 3

Calculation of Y’s Share of Goodwill:

Firm Goodwill = ₹ 16,200

  = 16,200 x 4
12
         
  = Rs 5,400    

Calculation of Amount of Y’s Share of goodwill adjusted with X and Z’s in Gaining Ratio:

X to pay = 5,400 x 1
4
         
  = Rs 1,350    
Z to pay = 5,400 x 3
4
         
  = Rs 4,050    

Calculation of new share of capital of continuing Partner X and Z:-

X’s New Capital = ₹ 48,000 x 1
2
         
  = ₹ 24,000    
Z’s New Capital = ₹ 48,000 x 1
2
         
  = ₹ 24,000    

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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 6 Chapter 6 of Class 12 Part – 1 Usha Publication

Question 18 Chapter 6 of Class 12 Part – 1 Usha Publication

Question 30 Chapter 6 of Class 12 Part – 1 Usha Publication

Question 42 Chapter 6 of Class 12 Part – 1 Usha Publication

Question 55 Chapter 6 of Class 12 Part – 1 Usha Publication

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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

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

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