Q.No.42 | Chapter 7 – Dissolution of a Partnership Firm | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

 

The solution of Question 42 Chapter  7 of +2-A: -

 

Realization Account

Particular		Amount	Particular		Amount
Sundry Assets (WN)		69,250	Sundry Creditors		20,000
Cash A/c Liabilities		5,000
			Bank A/c:
Bank A/c:			Stock	20,000
S. Creditors	20,000		Debtors	25,000
Expenses	350	20,350	Other Asset	20,000	65,000
Profit transferred to:			Cash A/c Assets Realized		24,000
A’s Capital A/c	1,450
B’s Capital A/c	1,450	2,900
		92,500			92,500

 

 

Partners’ Capital Account

Part.	A	B	Part.	A	B
By Realization A/c Machinery		7,500	By Balance B/d	25,000	15,000
			By Realization A/c Profit	1,450	1,450
To Cash A/c	26,450	8,950
	26,450	16,450		26,450	16,450

 

A's Loan Account

Particular		Amount	Particular		Amount
Bank A/c		10,000	Balance b/d		10,000
		10,000			10,000

 

Bank Account

Particular		Amount	Particular		Amount
Balance b/d		750	A’s Loan A/c		10,000
Realization A/c		65,000	A’s Capital A/c		26,450
			B’s Capital A/c		8,950
			Realization A/c		20,350
		65,750			65,750

Working Note:

 

Memorandum Balance Sheet

Particular		Amount	Particular		Amount
Sundry Creditors		20,000	Cash in Hand and at Bank		750
Capital A/c			Sundry Assets		69,250
A	25,000
B	15,000	40,000
A’s Loan		10,000
		70,000			70,000

 

 

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

 

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