Question 51 Chapter 5 of Class 12 Part – 1 Usha Publication
51. (Journal /partner’s cap. A/c/B/S) the balance sheet of Ashish, Achyut, and Akhilesh who shared profits in the ratio 6:5:2 respectively on 31st march, 2018 was under :
| Liabilities | Rs | Assets | Rs | |
| Sundry Creditors | 15,000 | LAND & Buildings | 50,000 | |
| Bills Payable | 7,000 | Furniture | 7,500 | |
| Capital accounts | Stock | 38,000 | ||
| Ashish | 30,000 | Debtors | 15,000 | |
| Achyut | 32,000 | Bills Receivables | 7,500 | |
| Akhilesh | 24,000 | 92,000 | Bank | 4,000 |
| Current accounts | ||||
| Ashish | 4,000 | |||
| Achyut | 3,000 | |||
| Akhilesh | 1,000 | 8,000 | ||
| 1,22,000 | 1,22,000 |
It was decided to admit Anuj on 1st April 2018 and give him 1/10th share in the profits on the following terms :
(a) The new partner would bring in Rs. 15,000 as his share in capital and Rs. 9,000 as goodwill which will directly be taken by the old partners.
(b) Stock would be revalued at Rs. 34,200 and furniture at Rs. 6,600.
(c) Provision for bad debts to be made Rs. 1,300.
(d) Land and Building to be appreciated by Rs. 15,000.
Pass necessary journal entries to record the above arrangement.
Prepare necessary ledger accounts and new Balance sheets of Ashish, Achyut, Akhilesh and Anuj.
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The solution of Question 51 Chapter 5 of Class 12 Part – 1 Usha Publication: –
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 1. | Bank A/c | Dr. | 15,000 | ||
| To Anuj’s Capital A/c | 15,000 | ||||
| (Being cash brought in by a new partner as his capital) | |||||
| 2. | Revaluation A/c | Dr. | 6,000 | ||
| To Stock A/c | 3,800 | ||||
| To Furniture A/c | 900 | ||||
| To provisional for doubtful debts A/c | 1,300 | ||||
| (Being assets are revalued) | |||||
| 3. | Land & Building A/c | Dr. | 15,000 | ||
| To Revaluation A/c | 15,000 | ||||
| (Being revaluation of assets) | |||||
| 4. | Revaluation A/c | Dr. | 9,000 | ||
| To Ashish’s Current A/c | 4,154 | ||||
| To Achyut’s Current A/c | 3,461 | ||||
| To Akhilesh’s Current A/c | 1,385 | ||||
| (Being profit on revaluation distributed) | |||||
| Partners’ Current Account | |||||||||
| Particulars | Ashish | Achyut | Akhilesh | Anuj | Particulars | Ashish | Achyut | Akhilesh | Anuj |
| By Balance b/d | 4,000 | 3,000 | 1,000 | — | |||||
| By Revaluation A/c | 4,154 | 3,461 | 1,385 | — | |||||
| To Balance c/d | 8,154 | 6,461 | 2,385 | — | |||||
| 8,154 | 6,461 | 2,385 | — | 8,154 | 6,461 | 2,385 | — | ||
| Partners’ Capital Account | |||||||||
| Particulars | Ashish | Achyut | Akhilesh | Anuj | Particulars | Ashish | Achyut | Akhilesh | Anuj |
| By Balance b/d | 36,000 | 32,000 | 24,000 | ||||||
| By Bank Account | 15,000 | ||||||||
| To Balance c/d | 36,000 | 32,000 | 24,000 | 15,000 | |||||
| 36,000 | 32,000 | 24,000 | 15,000 | 36,000 | 32,000 | 24,000 | 15,000 | ||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Sundry Creditors | 15,000 | LAND & Buildings | 65,000 | ||
| Bills payable | 7,000 | Furniture | 6,600 | ||
| Capital accounts | Debtors | 15,000 | |||
| Ashish | 36,000 | Less provision | 1,300 | 13,700 | |
| Achyut | 32,000 | Bills Receivables | 7,500 | ||
| Akhilesh | 24,000 | Bank | 19,000 | ||
| Anuj | 15,000 | 1,07,000 | Stock | 34,200 | |
| Current accounts | |||||
| Ashish | 8,154 | ||||
| Achyut | 6,461 | ||||
| Akhilesh | 2,385 | 17,000 | |||
| 1,46,000 | 1,46,000 | ||||
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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.
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication