Question 13 Chapter 7 of +2- Part

Question 13 Chapter 7 of +2-Part-1

13. (Realisation Account) Maninder, Jatinder and Rupinder are partners in a 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 Rs. 2,89,820 and the expenses of dissolution was Rs. 3,720. Prepare Realisation Account

The solution of Question 13 Chapter 7 of +2 Part-1: –

Revaluation A/c
To Sundry Assets 3,48,460By creditors 46,300
To Cash A/c  By Cash A/c 2,89,820
Expenses 3,720By loss on revaluation   
Creditors 46,300Maninder’s capital A/c24,944 
   Jatinder’s capital A/c18,708 
   Rupinder’s capital A/c18,70862,354
  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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