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Question 27 Chapter 7 - Class 12 Part 1 Unimax
27. The Balance Sheet of A, B and C sharing profits and losses in 3 : 2 : 1 respectively stood as follows on June 30, 2022
| Liabilities | Amount | Assets |
Amount | ||
| Creditors | 50,400 | Cash at bank | 3,700 | ||
| Investment Fluctuation Fund | 10,000 | Stock | 20,100 | ||
| Reserve fund | 12,000 | Debtors | 62,600 | ||
| Capital Accounts: | Investment | 16,000 | |||
| A | 30,000 | Furniture | 6,500 | ||
| B | 20,000 | Building | 23,500 | ||
| C | 10,000 | 60,000 | |||
| 1,32,400 | 1,32,400 | ||||
The film was dissolved on that date. For the purpose of dissolution, the investments were valued at 18,000 and stock at 17,500; A agreed to take over investment and B to take over stock, C took over furniture at book value. Debtors and buildings realised 57,000 and
25,000 respectively. Expenses of realisation amounted to 450.
In addition one bill for 500 under discount was dishonoured and had to be taken up by the Firm
Prepare necessary ledger accounts to close the books of the firm.
Realisation a/c
| Particulars | Amount | Particulars |
Amount | ||
|---|---|---|---|---|---|
| To Stock | 20,100 | By Creditors | 50,400 | ||
| To Debtors | 62,600 | By Investments Fluctuation Fund | 10,000 | ||
| To Investments | 16,000 | By A's Capital A/c | 18,000 | ||
| To Furniture | 6,500 | (Investments taken over) | |||
| To Building | 23,500 | By B's Capital A/c | 17,500 | ||
| To Bank A/c | (Stock taken over) | ||||
| -Expenses | 450 | By C's Capital A/c | 6,500 | ||
| -Dishonoured bill | 500 | By Bank A/c | |||
| -Creditors | 50,400 | 51,350 | -Debtors | ||
| To Profit transferred to capital A/cs | -Buildings | 57,000 | |||
| A | 2,175 | 25,000 | 82,000 | ||
| B | 1,450 | ||||
| C | 725 | 4,350 | |||
| 1,84,400 | 1,84,400 | ||||
Partner’s Capital a/c
| Particulars | A | B | C | Particulars | A | B | C |
|---|---|---|---|---|---|---|---|
| To Realisation A/c | By balance b/d | 30,000 | 20,000 | 10,000 | |||
| -Investments | 18,000 | By Reserve Fund | 6,000 | 4,000 | 2,000 | ||
| -Stock | 17,500 | By Realisation A/c | 2,175 | 1,450 | 725 | ||
| -Furniture | (Profit) | ||||||
| To Bank A/c | 20,175 | 7,950 | 6,225 | ||||
| 38,175 | 25,450 | 12,725 | 38,175 | 25,450 | 12,725 |
Bank A/c
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| To balance b/d | 3,700 | By Realisation A/c | 51,350 |
| To Realisation A/c | 82,000 | (Payment of Liabilities) | |
| (assets realised) | By A's Capital A/c | 20,175 | |
| By B's Capital A/c | 7,950 | ||
| By C's Capital A/c | 6,225 | ||
| 85,700 | 85,700 |
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 27 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.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 27 Chapter 7 – Class 12 Part 1 Unimax" instantly.
