Q.No.39 | Chapter 7 – Dissolution of a Partnership Firm | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Question 39 Chapter 7 of +2-A

39. There are two partners X and Y in a firm and their capitals are 50,000 and 40,000. The creditors are 30,000. The assets of the firm realize 1,00,000. How much will X and Y receive?

 

 

The solution of Question 39 Chapter  7 of +2-A: -

 

Realization Account

Particular		Amount	Particular		Amount
Sundry Assets (WN)		1,20,000	Creditors		30,000
Cash A/c		30,000	Cash A/c		1,00,000
			Loss on Revaluation
			X’s Capital A/c	10,000
			Y’s Capital A/c	10,000	20,000
		1,50,000			1,50,000

 

 

Partners’ Capital Account

Part.	X	Y	Part.	X	Y
To Realization A/c Loss	10,000	10,000	By Balance B/d	50,000	40,000
To Cash A/c	40,000	30,000
	50,000	40,000		50,000	40,000

 

Bank Account

Particular		Amount	Particular		Amount
Realization A/c		1,00,000	Realization A/c		30,000
			X’s Capital A/c		40,000
			Y’s Capital A/c		30,000
		1,00,000			1,00,000

 

Working Note:

 

Memorandum Balance Sheet

Particular		Amount	Particular		Amount
Creditors		30,000	Realization A/c		1,20,000
Capital A/c
X	50,000
Y	40,000	90,000
		1,20,000			1,20,000

 

 

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
• Chapter No. 3 – Goodwill: Nature and Valuation
• Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 – Admission of a Partner
• Chapter No. 6 – Retirement/Death of a Partner
• Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 – Company Accounts –  Accounting for Share Capital
• Chapter No. 9 – Company Accounts – Issue of Debentures
• Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis 
• Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
• Chapter No. 4 – Accounting Ratios
• Chapter No. 5 – Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication