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Accountancy · 2025 · 3 marks
Reconstitution of a Partnership Firm – Admission of a PartnerRevaluation of Assets and Reassessment of Liabilities3 marksshort answer
CBSE 2025 · Region 2 · Set 3 · Q18
Luv and Kush were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : 4. On 1st April, $\displaystyle 2024$, Rishi was admitted as a new partner for Qth share in profits which he acquired equally from Luv and Kush. On $\displaystyle 9$ the date of Rishi's admission, the Balance Sheet of Luv and Kush showed debtors of ₹ $\displaystyle 9,00,000$ and provision for had and doubtful debts of ₹ $\displaystyle 90$,000. Pass necessary journal entries for treatment of provision for bad and doubtful debts on the date of Rishi's admission in each of the following cases (i) Bad debts amounted to ₹ $\displaystyle 60$,000. (ii) Bad debts amounted to ₹ $\displaystyle 90$,000. (iii) Bad debts amounted to ₹ $\displaystyle 1,00$,000.
Marking-scheme solution
Q. Luv and Kush were partners…Ans.
Books of Luv and Kush
Journal
Date Particulars L.F. Dr. Cr.
Amount Amount
(₹) (₹)
(i) $\displaystyle 2024$ Provision for doubtful debts A/c Dr. $\displaystyle 90,000$
Apr.1 To bad debts A/c $\displaystyle 60,000$
To Revaluation A/c $\displaystyle 30,000$
(Bad debts written off from provision for doubtful debts
and excess provision transferred to revaluation account))
$\displaystyle 5$
Alternatively:
Provision for doubtful debts A/c Dr. $\displaystyle 60,000$
To bad debts A/c $\displaystyle 60,000$
(Bad debts written off from provision for doubtful debts)
Provision for doubtful debts A/c Dr. $\displaystyle 30,000$
To Revaluation A/c $\displaystyle 30,000$
(Excess provision for doubtful debts transferred to
revaluation account)
(ii)
’’ Provision for doubtful debts A/c Dr. $\displaystyle 90,000$
To bad debts A/c $\displaystyle 90,000$
(Bad debts written off from provision for doubtful debts)
(iii)
’’ Provision for doubtful debts A/c Dr. $\displaystyle 90,000$
Revaluation A/c Dr. $\displaystyle 10,000$
To bad debts A/c $\displaystyle 1,00,000$
(Bad debts written off from provision for doubtful debts
and balance from revaluation account)
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CBSE Class 12 Accountancy past-paper question from the 2025board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.