Question 14 Chapter 7 - Unimax Class 12 Part 1 - 2021

Question 14 Chapter 7 - Unimax Class 12 Part 1 - 2021

14. P, Q and R were partners in the firm sharing profits and losses in the ratio of 5:3:2. They agreed to dissolve their partnership firm on 31st March 2021. P was deputed to realise the assets and pay the liabilities. He was paid ₹ 1000 as commission for his services. The financial position of the firm was as follows:

Liabilities		Amount	Assets		Amount
Creditors		10,000	Plant and machinery		30000
Bills payable		3,700	Stock		5500
Investment fluctuation fund		4,500	Investment		15000
Capitals			Debtors	7100
P		37,500	(-) prov	450	6650
Q		15,050	Cash		5600
			R’s capital		8000
		70,750			70,750

P took over Investments for ₹ 12500. Stock and Debtors were sold for ₹11500. Plant and machinery were sold for ₹22500. Unrecorded assets were realised for ₹ 1500.
Prepare necessary ledger a/cs to close the books of the firm.

The solution of Question 14 Chapter 7 - Unimax Class 12 Part 1: -

Realisation a/c

Particulars		Amount	Particulars		Amount
To plant and machinery		30,000	By creditors		10,000
To stock		5,500	By bills payable		3,700
To investment		15,000	By investment fluctuation fund.		4,500
To Debtors		7,100	By provision for d.d.		450
To cash----			By P’s capital a/c (Investment taken over)		12,500
Creditors		10,000	By cash a/c
Bills payable		3,700	Stock &Debtors		11,500
			Plant and machinery		22,500
			Unrecorded assets		1,500
			By loss on real. Trans. to capital a/c
			P	2,325
			Q	1,395
			R	930	4,650
		71,300			71,300

Partner’s capital a/c

Particulars	P	Q	R	Particulars	P	Q	R
To bal. b/d			8,000	By bal. B/d	37,500	15,050
To real. a/c (investment)	12,500			By cash a/c			8,930
To real. a/c(Loss)	2,325	1,395
To cash a/c	22,675	13,655	930
	37,500	15,050	8,930		37,500	15,050	8,930

Cash a/c

Particulars	Amount	Particulars	Amount
To bal.b/d	5,600	By realisation a/c
To realisation a/c		Creditors	10,000
Stock & Debtors	11,500	Bills payable	3,700
Plant and machinery	22,500	By P’s capital a/c	22,675
Unrecorded assets	1,500	By Q’s capital a/c	13,655
To R’s capital a/c	8,930
	50,030		50,030

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

Accountancy - Unimax Class 12 Part 1 – 2021 – Solution.

• 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)

Accountancy - Unimax Class 12 Part 2 – 2021 – Solution.

• Chapter No. 1 - Share Capital 
• Chapter No. 2 - Debentures 
• Chapter No. 3 - Financial Statements of A Company (Balance Sheet Only)
• Chapter No. 4 -  Analysis of Financial Statements 
• Chapter No. 5 - Ratio Analysis
• Chapter No. 6 -  Cash Flow Statement

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