Question 72 Chapter 5 of Class 12 Part – 1 Usha Publication
72. Sahaj and Nimish are partners in a firm. They share profits and losses in the ratio of 2 : 1. Since both of them are specially abled, sometimes they find it difficult to run the business on their own. Gauri a common friend, decides to help them. Therefore, they admitted her into partnership for a 1/3rd share. She brought her share of goodwill in cash and proportionate capital.
| Liabilities | Rs | Assets | Rs | |
| General reserve | 30,000 | Machinery | 1,20,000 | |
| Creditors | 30,000 | Furniture | 80,000 | |
| Employees provident fund | 40,000 | Stock | 50,000 | |
| Capitals | Sundry debtors | 30,000 | ||
| Sahaj | 1,20,000 | Cash | 20,000 | |
| Nimish | 80,000 | 2,00,000 | ||
| 3,00,000 | 3,00,000 |
It was decided to :
(i) Reduce the value of stock by ₹ 5,000.
(ii) Depreciate furniture by 10% and appreciate machinery by 5%.
(iii) 3,000 of the debtors proved bad. A provision of 5% was to created on Sundry Debtors for doubtful debts.
(iv) Goodwill of the firm was valued at ₹ 45,000.
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the reconstituted firm.
The solution of Question 72 Chapter 5 of Class 12 Part – 1 Usha Publication: –
We are providing a solution of Question 72 Chapter 5 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 question numbers 71 & 72 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 72 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
| Revaluation Account | ||||
| Particulars | ₹ | Particulars |
₹ | |
| To Stock a/c | 5,000 | By Machinery a/c | 6,000 | |
| To Furniture a/c | 8,000 | By Loss transferred to:- | ||
| To Bad debts | 3,000 | Sahaj:- | 7,567 | |
| To Provision for D/Debts a/c | 1,350 | Nimish:- | 3,783 | 11,350 |
| 17,350 | 17,350 | |||
| Partners’ Capital Account | |||||||
| Particulars | Sahaj | Nimish | Gauri | Particulars | Sahaj | Nimish | Gauri |
| To Revaluation (loss) | 7,567 | 3,783 | By Balance b/d | 1,20,000 | 80,000 | ||
| By General Reserve | 20,000 | 10,000 | |||||
| By Premium for goodwill A/c | 10,000 | 5,000 | |||||
| To Balance c/d | 1,42,433 | 91,217 | 1,16,825 | By Cash a/c | 1,16,825 | ||
| 1,50,000 | 95,000 | 1,16,825 | 1,50,000 | 95,000 | 1,16,825 | ||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Creditors | 30,000 | Machinery | 1,26,000 | ||
| Employee Provident Fund | 40,000 | Furniture | 72,000 | ||
| Capital Accounts | Stock | 45,000 | |||
| Sahaj | 1,42,433 | Debtors | 27,000 | ||
| Nimish | 91,217 | Less provision For debts | 1,350 | 25,650 | |
| Gauri | 1,16,825 | 3,50,475 | Cash | 1,51,825 | |
| 4,20,475 | 4,20,475 | ||||
Working Note:-
Calculate Proportionate capital of Gauri
= Total adjusted capital X Remaining Share of Sahaj & Nimish
(i) Total Capital of New Firm of the basis of Gauri’s Capital:-
| Total capital of New firm | = | ₹ (1,42,433 + 91,217) | x | 3 |
| 2 | ||||
| = | ₹ 2,33,650 | x | 4 | |
| 1 | ||||
| = | ₹ 3,50,475 |
Let total Share of the firm = 1
| Share of profit acquired by Gauri | = | 1 |
| 3 |
| Remaining share | = | 1 | – | 1 |
| 3 | ||||
| = | 2 | |||
| 3 |
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 Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
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 Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership):
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
- 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