
Question 13 Chapter 7 of +2-Part-1
13. (Realisation Account) Maninder, Jatinder and Rupinder are partners in the firm sharing profits in the ratio of 4:3:3 respectively On 1-4-2017 they decided to dissolve the firm. On that date the sundry assets were Rs. 3,48,460, the creditors amounted to Rs. 46,300 and cash in hand was Rs. 77,840. The assets realized were Rs. 2,89,820 and the expenses of dissolution were Rs. 3,720. Prepare Realisation Account
The solution of Question 13 Chapter 7 of +2 Part-1: –
Revaluation A/c |
|||||
Particulars |
Amount | Particulars | Amount | ||
To Sundry Assets | 3,48,460 | By creditors | 46,300 | ||
To Cash A/c | By Cash A/c – Sundry Assets | 2,89,820 | |||
Expenses | 3,720 | By loss on revaluation | |||
Creditors | 46,300 | Maninder’s capital A/c | 24,944 | ||
Jatinder’s capital A/c | 18,708 | ||||
Rupinder’s capital A/c | 18,708 | 62,354 | |||
3,98,400 | 3,98,400 |
Comment if you have any questions.
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- 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)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

Why is creditor taken both side.?
Because we have to pay to creditor.
So it’s a payment.