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Question 55 Chapter 5 – Class 12 Part 1 Unimax

Question 55 Chapter 5 - Class 12 Part 1 Unimax

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Question 55 Chapter 5 – Class 12 Part 1 Unimax

55. A and B are equal partners of a firm. The Balance Sheet as on 31st December, 2020 was as under:

LiabilitiesAmountAssetsAmount
Sundry Creditors5,000Cash5,000
Bills Payable5,000Closing Stock5,000
Capital :Sundry Debtors7,000
A30,000Machinery12,000
B20,000Building33,000
Outstanding Expenses2,000
62,00062,000

C is admitted for 1/3rd share on 1st January, 2021. He brings Rs. 15000 as capital. Partners agree upon the following :

  1. Stock be depreciated by 10%.
  2. Machinery be depreciated by 10%.
  3. Building be revalued at Rs. 45000.
  4. Provision for outstanding legal charges be made to extent of Rs. 1000.

You are required to prepare Memorandum Revaluation Account along with Partners’ Capital Accounts and the Balance Sheet assuming that value of assets and liabilities is not to be changed except cash and capital A/cs.

The solution of Question 55 Chapter 5 – Class 12 Part 1 Unimax: –

Memorandum Revaluation A/c

  Capital Accounts

Balance Sheet

Working Note

End of Solution


Check Out the Solution of all questions for this chapter:

The solution to all questions of Chapter No. 5 – Partnership Accounts-IV  (Admission of A 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

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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.

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