Question 19 Chapter 7 of Class 12 Part – 1 2024

Question 19 Chapter 7 of Class 12 Part – 1 2024

19. (Realisation A/e/Partner's Capital A/e/Cash A/e) X, Y and Z Captal were in partnership sharing profits and losses as 3 :2 :1. The Balance sheet as at 31 December 2016 as follows :

Liabilities	Rs.	Assets	Rs.
Trade Creditors	5,000	Cash in hand	7,000
Provision for bad debts	500	Sundry Debtors	12,000
X’s Capitals A/c	15,000	Stock	10,000
Y’s Capitals A/c	10,000	Furniture	6,500
Z’s Capitals A/c	5,000
	35,500		35,500

They decided to dissolve the firm on the same day The assets realised and liabilities were paid as follows :
Trade creditors settled for Rs. 4,5000
Stock Rs. 11,000
Furniture Rs.6,000
Sundry Debtors Rs. 10,000
Expenses on Realisation were Rs. 100
Show the realisation amount, partners' capital accounts and cash account.

The solution of Question 19 Chapter 7 of Class 12 Part – 1 2024: -

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Realisation A/c

Particulars		Amount	Particulars		Amount
To Sundry Debtors A/c		12,000	By Trade creditors		5,000
To Stock A/c		10,000	By provision for bad debts		500
To furniture A/c		6,500	By Cash A/c
To Cash A/c			Debtors		10,000
Creditors		4,500	Furniture		6,000
Expenses		100	Stock		11,000
			By loss on Realisation:
			X	300
			Y	200
			Z	100	600
		33,100			33,100

Partners’ Capital Account
Particulars	X	Y	Z	Particulars	X	Y	Z
To Realisation A/c - Loss	300	200	100	By Balance b/d	15,000	10,000	5,000
To Cash A/c	14,700	9,800	4,900
	15,000	10,000	5,000		15,000	10,000	5,000

Cash Account

Particulars		Amount	Particulars		Amount
To balance b/d		7,000	By Realisation A/c
To Realisation A/c			Creditors		4,500
Stock		11,000	Expenses		100
Furniture		6,000	By X’s capital A/c		14,700
Debtors		10,000	By Y’s capital A/c		9,800
			By Z’s capital A/c		4,900
		34,000			34,000