Question 18 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1

Question 18 Chapter 7 of +2-Part-1

18. (Realisation A/c/Partner's Capital A/e) X. Y and Z are three partners. Their sharing ratio was 3:2: 1. Their balance sheet on 30th September 2015 was as under

Liabilities	Rs.	Assets	Rs.
Creditors	5,000	Stock	5,000
Z’s loan A/c	3,000	Debtors	10,000
X’s current A/c	1,000	Goodwill	15,000
Z’s current A/c	500	Furniture	4,000
Capitals		Cash	1,000
X	15,000	Y’s current A/c	5,000
Y	5,500
Z	10,000
	40,000		40,000

Firm was dissolved on above date :

1. Goodwill was purchased by Z for Rs. 12,000.
2. X purchased stock for Rs. 6,000
3. Realisation from debtors was 10%less.
4. Furniture was auctioned for Rs. 3,000.
5. Dissolution expenses were Rs. 500.
6. Partners will pay cash, if necessary.
7. Creditors were paid in full.
   Prepare realisation account and partners capital accounts.

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The solution of Question 18 Chapter 7 of +2 Part-1: -

Realisation A/c

Particulars		Amount	Particulars		Amount
To Stock		5,000	By creditors		5,000
To Debtors		10,000	By Z's Loan A/c		3,000
To goodwill A/c		15,000	By Cash A/c
To Furniture A/c		4,000	Debtors	9,000
To Cash			Furniture	3,000	12,000
Creditors		5,000	By X’s capital A/c- Stock taken over		6,000
Expenses		500	By Z’s capital A/c - Goodwill taken over		12,000
Z's Loan A/c		3,000
			By capital A/c - loss :
			X	2,250
			Y	1,500
			Z	750	4,500
		42,500			42,500

Partners’ Capital Account
Particulars	X	Y	Z	Particulars	X	Y	Z
To Current A/c		5,000		By Balance b/d	15,000	5,500	10,000
To Realisation A/c- Goodwill /stock	6,000		12,000	By current A/c	1,000		500
To Realisation A/c -loss	2,250	1,500	750	By cash A/c		1,000
To Cash A/c	7,750	-	-
	16,000	6,500	12,750		16,000	6,500	12,750

Cash A/c

Particulars		Amount	Particulars		Amount
To balance b/d		1,000	By Realisation A/c
To Realisation A/c Debtors		9,000	Creditors		5,000
Furniture		3,000	Expenses		500
To Y’s capital A/c		1,000	Z’s loan A/c		3,000
To Z’s capital A/c		2,250	By X’s capital A/c		7,750
		16,250			16,250

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