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Question 13 Chapter 7 – Unimax Class 12 Part 1 – 2021

Question 13 Chapter 7 - Unimax Class 12 Part 1 - 2021-min
Question 13 Chapter 7 - Unimax Class 12 Part 1 - 2021-min

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Question 13 Chapter 7 – Unimax Class 12 Part 1 – 2021

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13. Naresh and Munish are equal partners running general stores including some fancy goods. On March 31st 2021, they decided to dissolve the firm. Their financial position on that day is given below:

LiabilitiesAmountAssets
Amount
Accounts payable 1,800Bank 2,000
Capitals  Account receivable 3,800
Naresh12,000 Stock 10,000
Munish8,00020,000Furniture 2,000
   Lease 4,000
      
  21,800  21800

Various assets realised as under:

Lease ₹6000; Furniture ₹2200; Stock ₹9200; Debtors ₹ 3600.
Creditors agreed to accept ₹ 1720 in the final settlement.
Expenses amounting to ₹ 128 were spent for realisation.

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Prepare the required ledger accounts to close the books of the firm. Record necessary journal entries also.

The solution of Question 13 Chapter 7 – Unimax Class 12 Part 1: –

Realisation a/c

ParticularsAmountParticulars
Amount
To a/c receivable 3,800By a/cs payable 1,800
To stock 10,000By cash a/c—  
To furniture 2,000Lease 6,000
To lease 4,000Furniture 2,200
To cash—-  Stock 9,200
Creditors 1,720Debtors 3,600
Realisation expenses 128   
To profit Trans. To capital a/cs     
Naresh576    
Munish5761,152   
      
  22,800  22,800

Partner’s capital a/c

ParticularsYZParticularsYZ
To cash a/c12,5768,576By balance b/d12,0008,000
   By realisation a/c (profit)576576
      
 12,5768,576 12,5768,576

Cash a/c

ParticularsAmountParticularsAmount
To bal. b/d2,000By real.a/c—- 
To real. a/c—- Creditors1,720
Lease6,000Expenses128
Furniture2,200Capital 
Stock9,200Naresh12,576
Debtors3,600Munish8,576
    
 23,000 23,000

For more Explanation please check out the following link: –

Read out the full article

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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 Class 12 – Part – 1 – PSEB- Solution

Usha Publication Accountancy Class 12 – Part – 2 – PSEB- Solution

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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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