Question 13 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 13 Chapter 7 of +2- Part

Question 13 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 13 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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