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Question 14 Chapter 7 of Class 12 Part – 1 2024
14. (Realisation A/c/Partner's Capital Ne/Cash A/e) A, B and C are partners sharing Profits and Losses equally. They dissolve the firm on 31st March, 2018 on which date their position was as follows:
| Liabilities | Rs. | Assets | Rs. |
| Capital A/c | FIXED ASSETS | 1,00,000 | |
| A | 30,000 | CURRENT ASSETS | 40,000 |
| B | 30,000 | CASH & bank | 10,000 |
| C | 30,000 | ||
| CREDITORS | 60,000 | ||
| 1,50,000 | 1,50,000 |
All the assets realised 10 % less than the book value. Creditors were paid in full. Expenses of Liquidation amounted to Rs. 500 and a contingent liability not provided for at Rs. 500.
Prepare:
(i) Realisation accounts
(ii) Partners capital account
(iii) Cash account
We are providing a solution of Question 14 Chapter 7 of Class 12 Part – 1 2024 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
The video consists solution of question numbers from 11 to 14 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 14 from the flowing video by using time stamps of the video.
Realisation A/c
| Particulars |
Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Fixed Assets | 1,00,000 | By creditors | 60,000 | ||
| To Currents Assets | 40,000 | By Bank A/c | |||
| To Bank A/c | Fixed Assets | 90,000 | |||
| Creditors | 60,000 | Currents Assets | 36,000 | 1,26,000 | |
| Expenses | 500 | By loss on realisation: | |||
| Contingent liability | 500 | A | 5,000 | ||
| B | 5,000 | ||||
| C | 5,000 | 15,000 | |||
| 2,01,000 | 2,01,000 | ||||
Partners’ Capital Account
| Particulars | A | B | C | Particulars | A | B | C |
|---|---|---|---|---|---|---|---|
| To Realisation A/c | 5,000 | 5,000 | 5,000 | By Balance b/d | 30,000 | 30,000 | 30,000 |
| To Bank A/c | 25,000 | 25,000 | 25,000 | ||||
| 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 |
Bank A/c
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To balance b/d | 10,000 | By Realisation A/c | 61,000 | ||
| To Realisation A/c | 1,26,000 | By A’s capital A/c | 25,000 | ||
| By B’s capital A/c | 25,000 | ||||
| By C’s capital A/c | 25,000 | ||||
| 1,36,000 | 1,36,000 | ||||
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.
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