Question 12 Chapter 7 – Unimax Class 12 Part 1 – 2021
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
| 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
Advertisement-X
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.
- 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
T.S. Grewal’s Book Keeping +2 Part – B – Solution