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Question 19 Chapter 7 - Class 12 Part 1 Unimax
19. Following was the Balance Sheet of D, G and T on 28.2.2022
| Liabilities | Amount | Assets |
Amount | ||
| Sundry Creditors | 50,000 | Bank | 20,000 | ||
| Bills Payable | 10,000 | Debtors | 30,000 | ||
| G's Loan | 10,000 | Stock | 20,000 | ||
| Mortgage Loan | 12,000 | Furniture | 15,000 | ||
| General Reserve | 18,000 | Land and Building | 2,45,000 | ||
| Capital Accounts: | G's Capital | 20,000 | |||
| D | 1,00,000 | ||||
| T | 1,50,000 | 2,50,000 | |||
| 3,50,000 | 3,50,000 | ||||
The firm was dissolved on the above date on the following terms :
(i) Debtors realised 28,000; and Creditors and bills payable were paid at a discount of 10%.
(ii) Stock was taken over by T for 16,000 and furniture was sold for 12,000.
(iii) Land and Building was sold for 2,80,000.
(iv) Mortgage loan was paid by a cheque for the same amount.
(v) The firm had a joint life policy of 5,00,000 with a surrender value of 1,00,000. The
policy was surrendered at its surrender value.
Prepare Realisation Account, Bank Account and Capital Accounts of D, G and T.
Realisation a/c
| Particulars | Amount | Particulars |
Amount | ||
|---|---|---|---|---|---|
| To Debtors | 30,000 | By Creditors | 50,000 | ||
| To stock | 20,000 | By Bills payable | 10,000 | ||
| To Furniture | 15,000 | By Mortgage Loan | 12,000 | ||
| To Land & Building | 2,45,000 | By Bank A/c | |||
| To Bank A/c | - Debtors | 28,000 | |||
| - Creditors | 45,000 | - Furniture | 12,000 | ||
| - Bills payable | 9,000 | - Land & Building | 2,80,00 | ||
| - Mortgage Loan | 12,000 | 66,000 | - Joint Life Policy | 1,00,000 | 4,20,000 |
| By Profit transferred to capital A/cs | By T's capital A/c (stock) | 16,000 | |||
| D | 44,000 | ||||
| G | 44,000 | ||||
| T | 44,000 | 1,32,000 | |||
| 5,08,000 | 5,08,000 | ||||
Partner’s Capital a/c
| Particulars | D | G | T | Particulars | D | G | T |
|---|---|---|---|---|---|---|---|
| To Balance b/d | 20,000 | By balance b/d | 1,00,000 | 1,50,000 | |||
| To Realisation A/c (Stock taken over) | 16,000 | By Realisation A/c (Profit) | 44,000 | 44,000 | 44,000 | ||
| To Cash A/c | 1,50,000 | 30,000 | 1,84,000 | By General Reserve | 6,000 | 6,000 | 6,000 |
| 1,50,000 | 50,000 | 2,00,000 | 1,50,000 | 50,000 | 2,00,000 |
Bank A/c
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| To balance b/d | 20,000 | By Realisation A/c | 66,000 |
| To realisation a/c (Assets realised) | 4,20,000 | By D's capital A/c | 1,50,000 |
| By G's capital A/c | 30,000 | ||
| By T's capital A/c | 1,84,000 | ||
| By G's loan A/c | 10,000 | ||
| 4,40,000 | 4,40,000 |
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.
This guide covers "Question 19 Chapter 7 - Class 12 Part 1 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 7 - Partnership Accounts - VI (Dissolution of Partnership Firm).
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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