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Question 34 Chapter 7 of +2-Part-1
34. (Unrecorded Asset/Realisation A/c Partner's capital A/c bank a/c) Deepali and Rajshree are partners in a firm sharing profits and in the ratio of 3: .2 They decided to dissolve their firm on 31st December 2019, when their balance sheet was under
| Liabilities | Rs. | Assets | Rs. |
| Capital A/c : | 50,400 | Free hold property | 16,000 |
| Deepali | 17,500 | Investments | 4,000 |
| Rajshree | 10,000 | Sundry Debtors | 2,000 |
| Sundry creditors | 2,000 | Stock | 3,000 |
| Profit & loss A/c | 1,500 | Bank | 2,000 |
| Cash | 4,000 | ||
| 31,000 | 31,000 |
The partners decide to dissolve the firm on the above date. Dipali took over the investment at an agreed value of Rs. 3,800. Other assets were realized as follows Freehold property Rs. 18,000 Sundry debtors Rs. 1,800; Stock RS. 2,800.
Creditors of the firm agreed to accept 5% less. Expenses of realisation of assets amounted to Rs. 400. There was a writer in the firm, which was bought out of firm's money was not shown in the above balance sheet. The typewriter is now sold for Rs. 1,000.
Close the firms books of accounts by preparing a realisation account, partners capitals accounts and bank account
We are providing a solution of Question 34 Chapter 7 of +2 Part-1 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 | 2,000 | By CreditorsA/c | 2,000 | ||
| To Stock A/c | 3,000 | By Deepali's capital A/c | 3,800 | ||
| To investments | 4,000 | Investment taken over | |||
| To freehold property | 16,000 | By bank A/c ( assets realised ) | |||
| To bank A/c (liabilities & exp. paid ) | Property | 18,000 | |||
| Creditors | 1,900 | Debtors | 1,800 | ||
| Expenses | 400 | Stock | 2,800 | ||
| To profit on realisation | By bank A/c (unrecorded assets ) | 1,000 | |||
| Dipali 3/5 | 1,260 | ||||
| Rajshri 2/5 | 840 | ||||
| 29,400 | 29,400 | ||||
Partners’ Capital Account
| Particulars | Deepali | Rajshri | Particulars | Deepali | Rajshri |
|---|---|---|---|---|---|
| To Realisation A/c | 3,800 | By Balance b/d | 17,500 | 10,000 | |
| By Profit & loss A/c | 900 | 600 | |||
| By realisation A/c- Profit | 1,260 | 840 | |||
| To Bank BF | 15,860 | 11,440 | |||
| 19,660 | 11,440 | 19,660 | 11,440 |
Bank A/c
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To balance b/d | 2,000 | By Realisation A/c | |||
| To Cash A/c | 4,000 | Creditors | 1,900 | ||
| To Realisation A/c | 22,600 | Expense | 400 | ||
| To Realisation A/c | 1,000 | By capital A/c | |||
| Dipali | 15,860 | ||||
| Rajshri | 11,440 | ||||
| 29,600 | 29,600 | ||||
Cash A/c
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Balance b/d | 4,000 | By Bank A/c | 4,000 | ||
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 34 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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