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Question 39 Chapter 7 of +2-Part-1
39. (Unrecorded Asset and Liability/Journal/Ledger A/c s) X, Y and Z are partners sharing profits in the proportion of 3: 2:1. They dissolved the firm on December 31, 2015. On that date the balance sheet was as here under:
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 2,000 | Bank | 750 |
| Bills payable | 2,540 | Debtors 2,800 | |
| Y’s loan A/c | 2,000 | Less provision 150 | 2,650 |
| Capital A/c : | Stock in Trade | 1,920 | |
| X | 2,500 | Plant | 1,500 |
| Y | 1,500 | Investments | 1,000 |
| Z | 1,000 | Property | 4,000 |
| Current A/c | |||
| X | 120 | ||
| Y | 73 | ||
| Z | 87 | ||
| 11,820 | 11,820 |
Investments were taken over by Y for RS. 900 , X took over property at Rs. 3,600. Remaining assets proceeds were as- Debtors Rs. 2,400 ;Stock in trade Rs. 1,800; Plant Rs. 1,350. Creditors were discharged less 5%.
An office calculator, not recorded in the books of firm ,fetched Rs. 400. Contingent liability of Rs. 1,500 (unrecorded) was ultimately settled by paying Rs. 500. Expenses of realisation amounted to Rs. 1,200.
Give journal entries and ledger accounts for closing the books of the firm
Realisation A/c
| Particulars |
Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Debtors | 2,800 | By creditors A/c | 2,000 | ||
| To Stock | 1,920 | By bills payable | 2,540 | ||
| To plant | 1,500 | By provision for debtors | 150 | ||
| To investments | 1,000 | By Y’s Capital A/c investment | 900 | ||
| To property | 4,000 | By X’s Capital A/c property | 3,600 | ||
| To bank A/c | By bank A/c | ||||
| Creditors | 1,900 | Debtors | 2,400 | ||
| Bills payable | 2,540 | Stock | 1,800 | ||
| Contingent liability | 500 | Plant | 1,350 | ||
| Expenses | 1,200 | Unrecorded Assets | 400 | 5,950 | |
| By Capital A/c Loss | |||||
| X 3/6 | 1,110 | ||||
| Y 2/6 | 740 | ||||
| Z 1/1 | 370 | ||||
| 17,360 | 17,360 | ||||
Partners’ Capital Account
| Particulars | X | Y | Z |
Particulars | X | Y | Z |
|---|---|---|---|---|---|---|---|
| To Realisation A/cAssets taken | 3,600 | 900 | By Balance b/d | 2,500 | 1,500 | 1,000 | |
| To Realisation A/cLoss | 1,110 | 740 | 370 | By Current A/c | 120 | 73 | 87 |
| To Cash A/c | - | - | 717 | By Cash A/c | 2,090 | 67 | |
| 4,710 | 3,573 | 1,087 | 4,710 | 1,573 | 1,087 |
Bank A/c
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To balance b/d | 750 | By realisation A/c | |||
| To Realisation A/c | Liabilities paid | 6,140 | |||
| Assets realised | 5,950 | By Y’s Loan A/c | 2,000 | ||
| To X’s capital A/c | 2,090 | By Z’s capital A/c | 717 | ||
| 8,857 | 8,857 | ||||
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 39 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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