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Question 27 Chapter 7 of Class 12 Part – 1 2024
27. (Asset & Liability taken over by Partner/Ledger A/c) X and Y are sharing3:2. The Balance sheet of the firm as on December 31, 2018 is given below:
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 38,000 | Bank | 11,500 |
| Mrs. X’s loan | 10,000 | Stock | 6,000 |
| Y’s loan | 15,000 | Sundry Debtors 20,000 | |
| Reserve | 2,500 | Less provision 1,000 | 19,000 |
| Capital A/c | Furniture | 4,000 | |
| X | 10,000 | Plant | 28,000 |
| Y | 8,000 | Patents | 10,000 |
| Profit & loss A/c | 5,000 | ||
| 83,500 | 83,500 |
Firm was dissolved X took over patents at Rs. 8,000 and assumed his wife's loan. Assets realised as follows :
Stock Rs. 1,000 less: Furniture Rs. 500 more than book value; Debtors Rs. 18,500 and Plant Rs. 25,000. Rs. 600 was the cost of dissolution. Creditors accepted 2.5% less than their claim.
Give necessary ledger accounts for closing the books of the firm
We are providing a solution of Question 27 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:
Realisation A/c
| Particulars |
Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Stock A/c | 6,000 | By Sundry Creditors A/c | 38,000 | ||
| To Sundry Debtors A/c | 20,000 | By Provision for debts A/c – | 1,000 | ||
| To Furniture A/c | 4,000 | By Mrs. X’s loan | 10,000 | ||
| To Plant A/c | 28,000 | By X’s capital A/c (patents ) | 8,000 | ||
| To Patents | 10,000 | By Bank A/c | |||
| To X’s capital A/c (loan) | 10,000 | Debtors | 18,500 | ||
| To Bank A/c | Furniture | 4,500 | |||
| -Dissolution Expenses | 600 | Stock | 5,000 | ||
| -Creditors | 37,050 | 37,650 | Plant | 25,000 | 53,000 |
| By loss | |||||
| X’s capital A/c 3/5 | 3,390 | ||||
| Y’s capital A/c 2/5 | 2,260 | 5,650 | |||
| 1,15,650 | 1,15,650 | ||||
Partners’ Capital Account
| Particulars | X | Y | Particulars | X | Y |
|---|---|---|---|---|---|
| To Profit & Loss A/c | 3,000 | 2,000 | By Balance b/d | 10,000 | 8,000 |
| To Realisation A/c - -Patents | 8,000 | By reserve | 1,500 | 1,000 | |
| To Realisation A/c | 3,390 | 2,260 | By REALISATION A/c | ||
| Mrs. X’s loan | 10,000 | ||||
| To Cash A/c | 7,110 | 4,740 | |||
| 21,500 | 9,000 | 21,500 | 9,000 |
Bank A/c
| Particulars | Amount | Particulars | Amount | |
|---|---|---|---|---|
| To balance b/d | 11,500 | By Realisation A/c | ||
| To Realisation A/c | Payment for Expenses & Liability | 37,650 | ||
| Assets realised | 53,000 | By Y’s loan A/c | 15,000 | |
| By X’s capital A/c | 7,110 | |||
| By Y’s capital A/c | 4,740 | |||
| 64,500 | 64,500 | |||
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.
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