Question 22 Chapter 7 of Class 12 Part – 1 2024

1. X to take over the building at an agreed figure of Rs. 31,500.
2. Y who was to carry on business, to take over the goodwill, stock and debtors at book values, the patents at Rs. 30,000 and the plant at Rs. 5,000. He was also to pay off the creditors.
3. Z to take over shares in X Ltd. at Rs. 15 each.
4. The shares in Y Ltd. are to be divided in the Profit sharing ratio.
   Give the necessary Ledge accounts recording the dissolution in the books of the firm

The solution of Question 22 Chapter 7 of Class 12 Part – 1 2024: -

We are providing a solution of Question 22 Chapter 7 of Class 12 Part – 1 2024 in two formats. one is in Video format and another is in article format. Check out both formats as follows:

1. Check out the Solution of this question in Video Format:-

The video consists solution of question numbers from 21 to 22 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 22 from the flowing video by using time stamps of the video.

2. Check out the Solution of this question in Article Format:-

 

Realisation A/c

Particulars		Amount	Particulars		Amount
To Building		20,000	By Creditors		11,210
To Plants		31,220	By Plant depreciation reserve		20,000
To Goodwill		10,000	By X’s Capital A/c
To Shares in X Ltd.		2,400	Building	31,500
To Stock in Y Ltd.		10,000	Shares in Y Ltd.	7,000	38,500
To Stock		11,240	By Y’s Capital A/c
To Debtors		8,740	Goodwill	10,000
To Patents		38,080	Stock	11,240
To Y’s capital A/c (creditors)		11,210	Debtors	8,740
			Patents	30,000
			Plants	5,000
			Shares in Y Ltd.	2,000	66,980
			By Z’s Capital A/c
			Shares in X Ltd.	1,500
			Shares in Y Ltd.	1,000	2,500
			By loss transferred to Capital A/cs:
			X	2,590
			Y	740
			Z	370	3,700
		1,42,890			1,42,890

Bank A/c

Particulars		Amount	Particulars		Amount
To balance b/d		1,210	By Z’s capital A/c		77,750
To X’s capital A/c		28,680
To Y’s capital A/c		47,860
		77,750			77,750

X’s capital accounts

Particulars		Amount	Particulars		Amount
To Realisation A/c			By Balance b/d		12,410
-building	31,500		By Bank A/c		28,680
-shares in Y ltd.	7,000	38,500
To Realisation A/c loss		2,590
		41,090			41,090

Y’s capital accounts

Particulars		Amount	Particulars		Amount
To Realisation A/c			By Balance b/d		8,650
Goodwill	10,000		By Realisation A/c
Stock	11,240		Creditors		11,210
Debtors	8,740		By Bank A/c		47,860
Patents	30,000
Plants	5,000
Shares in Y Ltd.	2,000	66,980
To Realisation A/c loss		740
		67,760			67,760

Z’s capital accounts

Particulars		Amount	Particulars		Amount
To Realisation A/c			By Balance b/d		80,620
Shares in X Ltd.	1,500
Shares in Y Ltd.	1,000	2,500
To Realisation A/c loss		370
To Bank A/c		77,750
		80,620			80,620