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Question 35 Chapter 7 – Class 12 Part 1 Unimax
35. On 1st January. 2022 A, 13 and C commenced business in partnership sharing profits and losses in the ratio of 3 : 2 : 1 respectively. They paid into the firm Bank account as their capital 22,000. 10,000 by A ; 7,000 by B and 5,000 by C. During the year they withdrew 5.000, being 1,900 by A. Z 1,700 by B and 1,400 by C. There was no profit or loss during the year.
On 31st December, 2022 they dissolved their firm. Cash at bank on that date was 1,000.
Assets realized as follows: A-taking up _stock at an agreed value of 4,500 ; B taking up furniture at 3,000 and C taking up debtors at 2,500.
Prepare the necessary ledger accounts showing the distribution of cash at bank and of the further cash brought in by any partner or partners as the case may be.
Realisation a/c
| Particulars | Amount | Particulars |
Amount | ||
|---|---|---|---|---|---|
| To Sundry assets | 16,000 | By A's Capital A/c (Stock) | 4,500 | ||
| By B's Capital A/c (Furniture) | 3,000 | ||||
| By C's Capital A/c (Debtors) | 2,500 | ||||
| By Loss transferred to Capital A/cs | |||||
| A | 3,000 | ||||
| B | 2,000 | ||||
| C | 1,000 | 6,000 | |||
| 16,000 | 16,000 | ||||
Partner’s Capital a/c
| Particulars | A | B | C | Particulars | A | B | C |
|---|---|---|---|---|---|---|---|
| To Realisation A/c | By balanced b/d | 8,100 | 5,300 | 3,600 | |||
| -Stock | 4,500 | ` | |||||
| -Furniture | 3,000 | ||||||
| -Debtors | 2,500 | ||||||
| - Loss | 3,000 | 2,000 | 1,000 | ||||
| To Bank A/c | 600 | 300 | 100 | ||||
| 8,100 | 5,300 | 3,600 | 8,100 | 5,300 | 3,600 |
Bank A/c
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| To balanced b/d | 1,000 | By A's Capital A/c | 600 |
| By B's Capital A/c | 300 | ||
| By C's Capital A/c | 100 | ||
| 1,000 | 1,000 |
Working Note:
Balance Sheet on Date of Dissolution
| Particulars | Amount | Particulars |
Amount | ||
|---|---|---|---|---|---|
| Capital A/cs | Cash in hand | 1,000 | |||
| A | 8,100 | Sundry Assets (B.F.) | 16,000 | ||
| B | 5,300 | ||||
| C | 3,600 | 17,000 | |||
| 17,000 | 17,000 | ||||
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 35 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.
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