Question 48 Chapter 6 – Class 12 Part 1 Unimax

Question 48 Chapter 6 – Class 12 Part 1 Unimax

48. P, Q and R were partners sharing profits in the ratio of 3:1:1. The balance sheet of the firm is given below as at 31st March 2021:

Partnership deed provides for the settlement of claim on death of a partner, in addition to his capital, as under:

1. The share of profit of deseased partner to be computed on the basis of average profits of past three years for the period from the last balance sheet to date of death of partner.
2. His share of P/L on revaluation of assets and Liabilities.
3. His share of Goodwill valued on two years purchase of average profits of last 3 years.
4. Q died on 1st June 2021 and the following information is provided:
   1. Profits for last 3 years were: ₹80000, ₹130000, ₹150000.
   2. The assets were revalued as : Land ₹ 380000, Plant and machinery ₹180000.
   3. Q withdrew ₹ 10000 during the current financial year.
   4. ₹100000 were paid immediately on Q’s death to his executors and the balance amount was to be paid later.

Pass Journal entries to give effect to the transactions relating to death of Q in the books of firm.

The solution of Question 48 Chapter 6 – Class 12 Part 1 Unimax: –

Q’s capital Account

Working Note:

Q’s share of Goodwill = 80000/3+130000/3+150000/3 × 2 × 1/5 = ₹ 48000.

Journal entries:

End of Solution

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The solution to all questions of Chapter No. 6 – Partnership Accounts-IV  (Retirement and Death of the Partner) Class 12 Unimax is shown as follows, click on the image of the question to get the solution.

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1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax

UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions in each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.

• Chapter No. 1 – Accounts of Non-Profit Organisations
• 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)

2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax

UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions in each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.

• Chapter No. 1 – Company Accounts (Share Capital)
• Chapter No. 2 – Issue of Debentures
• Chapter No. 3 – Redemption of Debentures
• Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
• Chapter No. 5 -Financial Statement Analysis
• Chapter No. 6 – Tools/Methods of Financial Analysis
• Chapter No. 7 – Ratio Analysis
• Chapter No. 8 – Cash Flow Statement

Punjab School Education Board (PSEB) Solutions of Usha Publication.

If you’re a student enrolled in the Punjab School Education Board Class 12, exploring a wide range of books to cover the syllabus thoroughly is essential. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to various writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.