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

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

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

Free Accounting book Solution - Class 11 and Class 12

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

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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