Question 15 Chapter 7 - Unimax Class 12 Part 1 - 2021

Question 15 Chapter 7 - Unimax Class 12 Part 1 - 2021

15. J, S and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their balance sheet as on 31st December 2021 was as follows:

Liabilities		Amount	Assets		Amount
Capital a/cs			Building		10,000
J		12,000	Plant		22,000
S		8,600	Stock		6,000
R		10,400	Joint life policy		6,200
Reserve fund		3,000	Debtors		5,000
Employee’s Provident fund		3,000	Accrued interest		1,000
Depp. Reserve		5,000	Cash		2,800
Creditors		11,000
		53,000			53,000

It was agreed to dissolve the firm, and the terms of the dissolution were :

1. S took over buildings at book value and agreed to pay off creditors.
2. Accrued interest was not collected whereas there was a contingent liability of ₹ 600 which was met.
3. Other assets realized: plant ₹ 25000, Stock ₹5000, Debtors ₹ 4600.
4. Realisation expenses paid were ₹ 600. JLP was surrendered at book value.

Prepare Realisation a/c, capital a/c and cash a/c.

The solution of Question 15 Chapter 7 - Unimax Class 12 Part 1: -

Realisation a/c

Particulars		Amount	Particulars		Amount
To building		10,000	By employees Provident fund		3,000
To plant		22,000	By Depp. Reserve		5,000
To stock		6,000	By creditors		11,000
To JLP		6,200	By S’s capital a/c (building taken over)		10,000
To Debtors		5,000	By cash---
To accrued interest		1,000	Plant		25,000
To S’s capital a/c (cr. Paid)		11,000	Stock		5,000
To cash a/c---			JLP		6,200
Employee’s Provident fund		3,000	Debtors		4,600
Realisation exp.		600
Pay. of contingent liab.		600
To profit Trans. To cap. a/c
J	2,200
S	1,467
R	733	4,400
		69,800			69,800

Partner’s capital a/c

Particulars	J	S	R	Particulars	J	S	R
To real. a/c (building taken over)		10,000		By balance b/d	12000	8600	10400
To cash a/c (B.F.)	15,700	12,067	11,633	By realisation a/c (cr. Paid)		11000
				By realisation a/c (profit)	2200	1467	733
				By res. Fund	1500	1000	500
	15,700	22,067	11,633		15,700	22,067	11,633

Cash a/c

Particulars	Amount	Particulars	Amount
To balance b/d	2,800	By realisation a/c
To realisation a/c		Employee’s Provident fund	3,000
Plant	25,000	Realisation expenses	600
Stock	5,000	Payment of contingent liability	600
Debtors	4,600	Capitals
JLP	6,200	J	15,700
		S	12,067
		R	11,633
	43,600		43,600

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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