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Question 33 Chapter 7 of Class 12 Part – 1 2024
33. (Realisation A/c/Partner's Capital A/c/Bank A/e) X, Y and Z are partners in a firm having profit sharing proportion as 2: 2: 1. The balance sheet was as follows :
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 22,000 | Cash at Bank | 22,200 |
| Reserve | 5,000 | Stock | 6,000 |
| Capital A/c : | Debtors 8,000 | ||
| X | 15,000 | Less provision 200 | 7,800 |
| Y | 12,000 | Furniture | 2,000 |
| Z | 6,000 | Buildings | 22,000 |
| 60,000 | 60,000 |
The creditors were settled for Rs. 21,000. It was found, however, that there was a liability for Rs. 3,000 for damages which had to be met . Expenses of realisation were Rs. 1.000. Assets were realized as follows :
Debtors Rs. 7,000, Stock Rs. 5,000, Furniture Rs. 1,000 and Building Rs. 25,000.
Give necessary ledger accounts to close the books of the firm on dissolution .
We are providing a solution of Question 33 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 Debtors | 8,000 | By creditors A/c | 22,000 | ||
| To Stock A/c | 6,000 | By provision for doubtful debts | 200 | ||
| To furniture | 2,000 | By bank A/c ( assets realised ) | |||
| To building | 22,000 | Debtors | 7,000 | ||
| To bank A/c (liabilities & exp. paid ) | Stock | 5,000 | |||
| Creditors | 21,000 | Furniture | 1,000 | ||
| Realisation Expenses | 1,000 | Building | 25,000 | 38,000 | |
| Damages | 3,000 | 25,000 | By Loss on realisation | ||
| X 2/5 | 1,120 | ||||
| Y 2/5 | 1,120 | ||||
| Z 1/5 | 560 | 2,800 | |||
| 63,000 | 63,000 | ||||
| Partners’ Capital Account |
|||||||
| Particulars | X | Y | Z | Particulars | X | Y | Z |
|---|---|---|---|---|---|---|---|
| To Realisation A/c | By Balance b/d | 15,000 | 12,000 | 6,000 | |||
| Loss | 1,120 | 1,120 | 560 | By Reserves | 2,000 | 2,000 | 1,000 |
| To Bank A/c (BF) | 15,880 | 12,880 | 6,440 | ||||
| 17,000 | 14,000 | 7,000 | 17,000 | 14,000 | 7,000 | ||
Bank A/c
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To balance b/d | 22,200 | By Realisation A/c creditor paid | 25,000 | ||
| To Realisation A/c | Liabilities discharged | ||||
| Assets realised | 38,000 | By X’s capital A/c | 15,880 | ||
| By Y’s capital A/c | 12,880 | ||||
| By Z’s capital A/c | 6,440 | ||||
| 60,200 | 60,200 | ||||
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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