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

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

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The solution of Question 12 Chapter 7 – Unimax Class 12 Part 1: –

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

Accountancy – Unimax Class 12 Part 2 – 2021 – Solution.

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12. X, Y and Z were partners sharing profits and losses in the ratio of 2:2:1. On January 1st 2021 their balance sheet was as follows:

Liabilities	Amount	Assets		Amount
Capital		Cash at Bank		24400
X	30,000	Debtors	16000
Y	24,000	(-) Prov.	400	15600
Z	12,000	Stock		12000
Reserve	10,000	Furniture		4000
Creditors	24,000	Building		44000

	1,00,000			100000

The creditors were settled for ₹ 22000. It was found however that there was a liability of ₹ 6000 for damages that had to be paid. Realisation expenses amounted to ₹2000. The Debtors, stock, furniture and building realised ₹ 76000.

Prepare Realisation Account, Partners capital a/c, and bank a/c To close the books of the firm.

The solution of Question 12 Chapter 7 – Unimax Class 12 Part 1: –

Realisation a/c

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Particulars	Amount	Particulars		Amount
To Debtors	16,000	By creditors		24,000
To stock	12,000	By prov. For d.d		400
To furniture	4,000	By cash —
To building	44,000	Debtors		16,000
To cash—-	22,000	Stock		12,000
Creditors		Furniture		4,000
Liability for damages	6,000	Building		44,000
Real. Exp.	2,000	By loss on real. Trans. to capital a/cs.
		X	2,240
		Y	2,240
		Z	1,120	5,600

	1,06,000			1,06,000

Partner’s capital a/c

Particulars	X	Y	Z	Particulars	X	Y	Z
To real. a/c (loss)	2,240	2,240	1,120	By bal. b/d	30,000	24,000	12,000
To bal. C/d	31,760	25,760	12,880	By reserve	4,000	4,000	2,000

	34,000	28,000	14,000		34,000	28,000	14,000

Cash a/c

Particulars	Amount	Particulars	Amount
To bal. b/d	24,400	By real.a/c—-
To real. a/c—-		Creditors	22,000
Debtors	16,000	Liability for damages	6,000
Stock	12,000	Expenses	2,000
Furniture	4,000	Capital
Building	44,000	A	31,760
		B	25,760
		C	12,880

	1,00,400		1,00,400

For more Explanation please check out the following link: –

Read out the full article

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

Check out Other Publishers’ Book’s Solution:

Class +2 – Accounting Books solutions for free

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

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

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T.S. Grewal’s Book Keeping +2 Part – B – Solution

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The solution of Question 12 Chapter 7 – Unimax Class 12 Part 1: –

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

Accountancy – Unimax Class 12 Part 2 – 2021 – Solution.

Check out Other Publishers’ Book’s Solution:

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