Question 17 Chapter 7 of Class 12 Part – 1 2024

Question 17 Chapter 7 of Class 12 Part – 1 2024

17. (Journal/Realisation A/e/Partner's Capital A/c/Cash A/e) A, B and C decided to dissolve partnership. The position as on 31st December 2015, the date of dissolution was as follows

Liabilities	Rs.	Assets	Rs.
Creditors	2,750	Furniture	50
A’s loan A/c	300	Stock	1,750
Capitals		Debtors	2,400
A	1,000	Bills receivable	300
B	500	Cash	100
C	50
	4,600		4,600

They shared profits and losses in the ratio of A 1/2: B 3/10 and C 1/5. Rs. 200 of the debtors proved bad: the bills receivable were paid in full; the stock realised Rs. 1,700; furniture was taken over by B at book value and the expenses of realisation amounted to Rs. 200.
Close the books of the firm.

The solution of Question 17 Chapter 7 of Class 12 Part – 1 2024: -

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Realisation A/c

Particulars		Amount	Particulars		Amount
To Stock		1,750	By creditors		2,750
To Debtors		2,400	By Bank A/c
To bills receivable		300	Debtors	2,200
To Furniture A/c		50	Bills receivable	300
To Cash			Stock	1,700	4,200
Creditors		2,750	By B’s capital A/c		50
Expenses		200
			By capital A/c - loss :
			A	225
			B	135
			C	90	450
		7,450			7,450

Partners’ Capital Account
Particulars	A	B	C	Particulars	A	B	C
To realisation A/c		50		By Balance b/d	1,000	500	50
To realisation A/c	225	135	90	By cash			40
To Cash A/c	775	315
	1,000	500	90		1000	500	90

Cash Sheet

Particulars		Amount	Particulars		Amount
To balance b/d		100	By Realisation A/c		2,950
To Realisation A/c		4,200	By A’s capital A/c		775
To C’s capital A/c		40	By B’s capital A/c		315
			By A’s loan A/c		300
		4,340			4,340