Question 11 Chapter 7 – Unimax Class 12 Part 1 – 2021

Question 11 Chapter 7 - Unimax Class 12 Part 1 - 2021-min

Question 11 Chapter 7 – Unimax Class 12 Part 1 – 2021

Free Accounting book Solution - Class 11 and Class 12

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.

  1. Cash realised was Land and building ₹ 900000.
  2. Book debts₹90000 and stock ₹ 140000.
  3. The creditors were paid at a discount of 5%.
  4. 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: –

Read out the full article

Dissolution of a Partnership Firm – its Methods

Also, Check out the same article in Hindi from the following link

Dissolution of a Partnership Firm – its Methods – in Hindi

Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.

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

Check out Other Publishers’ Book’s Solution: 

Class +2 – Accounting Books solutions for free

Usha Publication – Accountancy PSEB – Class 12 – Part -1 – Solution

Usha Publication – Accountancy PSEB – Class 12 – Part II – 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

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