Question 63 Chapter 5 – Class 12 Part 1 Unimax

Question 63 Chapter 5 – Class 12 Part 1 Unimax

63. Ramesh and Rahim sharing profits and losses in the ratio of 3 : 2 admit Suresh as a partner with 1/6th share in profits. He has to contribute proportionate capital. On the date of admission, their Balance Sheet was as follows :

It is agreed to make the following adjustments in the above Balance Sheet.

1. To transfer Rs. 2000 from Suresh’s Current A/c (newly opened) to old partners’ capital A/cs for share of goodwill (Suresh is unable to bring goodwill in cash).
2. To create a reserve at 10% on the debtors for doubtful debts.
3. To write down Fixtures to Rs. 100.
4. To depreciate Stock by 10%.
5. To increase the value of investments to Rs. 3500.

The capitals of the partners were to be adjusted in profit sharing ratio. Make entries necessary to give effect to the above arrangement and prepare the amended Balance Sheet immediately after Suresh has become a partner.

The solution of Question 63 Chapter 5 – Class 12 Part 1 Unimax: –

Journal

Revaluation A/c

Capital Accounts

Balance Sheet

Working Note:

Sacrificing Ratio = 3 : 2 if nothing has been mentioned in partnership deed except new partner’s share (it is assumed)

(A) Calculation of Capital contributions by partners :

Total Capital of firm = (Ramesh capital balance c/d + Rahim’s capital balance c/d) X 6/5

= (3526 + 2684) X 6/5
= Rs. 7452

(i) Ramesh’s required capital = 3/6 X 7452 = Rs. 3726

Ramesh’s actual capital = Rs. 3526

Ramesh’s will introduce Rs. 200 in business

(ii) Rahim’s required capital = Rs. 2/6 X 7452 = Rs. 2484

Rahim’s actual capital = Rs. 2684
Rahim’s will withdraw Rs. 200 from business

(iii) Suresh’s capital = 1/6 X 7452 = Rs. 1242

(B) New PSR :

Let total share = 1
Suresh share = 1/6 Remaining share = 1 – 1/6 = 5/6
Ramesh’s new share = 3/5 X 5/6 = 3/6
Rahim’s new share = 2/5 X 5/6 = 2/6
Suresh’s share = 1/6

New PSR = 3 : 2 : 1 Ans.

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.

Check out all books for PSEB

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.