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Standard XII

Accountancy

Revaluation of Assets

B, C D are ...

Question

B, C & D are three partners in a firm. On 30th June, C met an accident and died on the spot. On the date of C death, the firm have the following balance in its balance sheets.
Workmen's compensation account Rs.30000,General Reserve a/c Rs. 30,000,Profit and loss a/c Rs 21,000 (Debit balance), ESI a/c Rs.11,000. Find the amount to be credited to each partner capital account on death of C.

Rs.11,000 each partner

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Rs.4,000 each partner

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Rs.13,000 each partner

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Rs.17,000 each partner

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Solution

The correct option is C Rs.13,000 each partner
Particulars Amount (Rs.) Particulrs Amount (Rs.)
B C D
B C D
To Profit and loss A/c
To Bal. b/d (Bal. fig.)
7000
13000 7000
13000 7000
13000 By workmen's
compensation Account
By General Reserve
10000
10000 10000
10000 10000
10000
20000 20000 20000 20000 20000 20000

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Similar questions

A and B were partners in a firm sharing profits and losses equally. Their firm was dissolve on 15th March, 2014, which resulted in a loss of Rs. 30,000. On that date the capital account of A showed a credit balance of Rs. 20,000 and that of B a credit balance of Rs. 30,000. The cash account had a balance of Rs. 20,000.
You are required to pass the necessary journal entries for the:
(i) Transfer of loss to the capital accounts of the partners and
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Particulars	Amount (Rs.)			Particulrs	Amount (Rs.)
Particulars	B	C	D		B	C	D
To Profit and loss A/c To Bal. b/d (Bal. fig.)	7000 13000	7000 13000	7000 13000	By workmen's compensation Account By General Reserve	10000 10000	10000 10000	10000 10000
	20000	20000	20000		20000	20000	20000

The correct option is C Rs.13,000 each partner Particulars Amount (Rs.) Particulrs Amount (Rs.) B C D BC DTo Profit and loss A/cTo Bal. b/d (Bal. fig.) 700013000 700013000 7000 13000By workmen'scompensation AccountBy General Reserve10000 1000010000100001000010000 2000020000 20000 20000 2000020000