Question 11 Chapter 7 – Unimax Class 12 Part 1 – 2021
Table of Contents
11. The balance sheet of a firm on 31st March 2021 was as under:
| Liabilities | Amount | Assets | Amount | |
| Capital | Land and building | 8,00,000 | ||
| A | 5,00,000 | Investment | 2,00,000 | |
| B | 4,00,000 | S. Debtors | 1,00,000 | |
| C | 3,00,000 | 12,00,000 | Stock | 1,50,000 |
| S. Creditors | 2,00,000 | Cash at Bank | 3,00,000 | |
| Gen. Reserve | 1,50,000 | |||
| 5,50,000 | 5,50,000 | |||
The partnership was dissolved on the above date. A took over the investment at the agreed value of ₹190000.
- Cash realised was Land and building ₹ 900000.
- Book debts₹90000 and stock ₹ 140000.
- The creditors were paid at a discount of 5%.
- The expenses of realisation were ₹20000.
Give Journal entries and Ledger Accounts to close the books.
The solution of Question 11 Chapter 7 – Unimax Class 12 Part 1: –
Realisation a/c
| Particulars | Amount | Particulars | Amount | |
| To Land and building | 80,000 | By S.creditors | 200000 | |
| To investment | 2,00,000 | By A’s capital a/c (investment taken over) | 190000 | |
| To S. Debtors | 1,00,000 | By cash a/c | ||
| To stock | 1,50,000 | Land and building | 9,00,000 | |
| To cash a/c | Debtors | 90,000 | ||
| Creditors | 1,90,000 | Stock | 1,40,000 | |
| Expenses | 20,000 | |||
| By profit on realisation Trans/. | ||||
| To cap. A/cs | ||||
| A | 20,000 | |||
| B | 20,000 | |||
| C | 20,000 | 6,000 | ||
| 15,20,000 | 1,52,0000 | |||
Partner’s capital a/c
| Particulars | A | B | C | Particulars | A | B | C |
| To real. A/c Investment | 1,90,000 | By bal. b/d | 5,00,000 | 4,00,000 | 3,00,000 | ||
| To cash a/c(B.F.) | 38,000 | 4,70,000 | 3,70,000 | By real. a/c (profit) | 20,000 | 20,000 | 20,000 |
| By Gen.res. | 50,000 | 50,000 | 50,000 | ||||
| 5,70,000 | 4,70,000 | 3,70,000 | 5,70,000 | 4,70,000 | 3,70,000 |
Cash a/c
| Particulars | Amount | Particulars | Amount |
| To bal. b/d | 3,00,000 | By realisation a/c | |
| To realisation a/c | Creditors | 1,90,000 | |
| Land and building | 9,00,000 | Expenses | 20,000 |
| Debtors | 90,000 | Capitals | |
| Stock | 1,40,000 | A | 3,80,000 |
| B | 4,70,000 | ||
| C | 3,70,000 | ||
| 14,30,000 | 14,30,000 |
For more Explanation please check out the following link: –
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Dissolution of a Partnership Firm – its Methods
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Dissolution of a Partnership Firm – its Methods – in Hindi
Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.
- Chapter No. 1 – Accounts of Non-Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Accountancy – Unimax Class 12 Part 2 – 2021 – Solution.
- Chapter No. 1 – Share Capital
- Chapter No. 2 – Debentures
- Chapter No. 3 – Financial Statements of A Company (Balance Sheet Only)
- Chapter No. 4 – Analysis of Financial Statements
- Chapter No. 5 – Ratio Analysis
- Chapter No. 6 – Cash Flow Statement
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Usha Publication Accountancy Class 12 – Part – 2 – PSEB- Solution
T.S. Grewal’s Book Keeping +2 Part – A Vol. I – Solution
T.S. Grewal’s Book Keeping +2 Part – A Vol. II – Solution
T.S. Grewal’s Book Keeping +2 Part – B – Solution