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Question 11 Chapter 7 - Unimax Class 12 Part 1 - 2021
11. The balance sheet of a firm on 31st March 2021 was as under:
| Liabilities | Amount | Assets | Amount | |
| Capital | Land and building | 8,00,000 | ||
| A | 5,00,000 | Investment | 2,00,000 | |
| B | 4,00,000 | S. Debtors | 1,00,000 | |
| C | 3,00,000 | 12,00,000 | Stock | 1,50,000 |
| S. Creditors | 2,00,000 | Cash at Bank | 3,00,000 | |
| Gen. Reserve | 1,50,000 | |||
| 5,50,000 | 5,50,000 | |||
The partnership was dissolved on the above date. A took over the investment at the agreed value of ₹190000.
Give Journal entries and Ledger Accounts to close the books.
Realisation a/c
| Particulars | Amount | Particulars | Amount | |
|---|---|---|---|---|
| To Land and building | 8,00,000 | By S.creditors | 200000 | |
| To investment | 2,00,000 | By A’s capital a/c (investment taken over) | 190000 | |
| To S. Debtors | 1,00,000 | By cash a/c | ||
| To stock | 1,50,000 | Land and building | 9,00,000 | |
| To cash a/c | Debtors | 90,000 | ||
| Creditors | 1,90,000 | Stock | 1,40,000 | |
| Expenses | 20,000 | |||
| By profit on realisation Trans/. | ||||
| To cap. A/cs | ||||
| A | 20,000 | |||
| B | 20,000 | |||
| C | 20,000 | 60,000 | ||
| 15,20,000 | 15,20,000 | |||
Partner’s capital a/c
| Particulars | A | B | C | Particulars | A | B | C |
|---|---|---|---|---|---|---|---|
| To real. A/c Investment | 1,90,000 | By bal. b/d | 5,00,000 | 4,00,000 | 3,00,000 | ||
| To cash a/c(B.F.) | 3,80,000 | 4,70,000 | 3,70,000 | By real. a/c (profit) | 20,000 | 20,000 | 20,000 |
| By Gen.res. | 50,000 | 50,000 | 50,000 | ||||
| 5,70,000 | 4,70,000 | 3,70,000 | 5,70,000 | 4,70,000 | 3,70,000 |
Cash a/c
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| To bal. b/d | 3,00,000 | By realisation a/c | |
| To realisation a/c | Creditors | 1,90,000 | |
| Land and building | 9,00,000 | Expenses | 20,000 |
| Debtors | 90,000 | Capitals | |
| Stock | 1,40,000 | A | 3,80,000 |
| B | 4,70,000 | ||
| C | 3,70,000 | ||
| 14,30,000 | 14,30,000 |
For more Explanation please check out the following link: –
Read out the full article
Dissolution of a Partnership Firm – its Methods
Also, Check out the same article in Hindi from the following link
Dissolution of a Partnership Firm – its Methods - in Hindi
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 11 Chapter 7 - Unimax Class 12 Part 1 - 2021", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm).
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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