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

Free Accounting book Solution - Class 11 and Class 12

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:

Liabilities Amount Assets
Amount
Accounts payable   1,800 Bank   2,000
Capitals     Account receivable   3,800
Naresh 12,000   Stock   10,000
Munish 8,000 20,000 Furniture   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.

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

Particulars Amount Particulars
Amount
To a/c receivable   3,800 By a/cs payable   1,800
To stock   10,000 By cash a/c—    
To furniture   2,000 Lease   6,000
To lease   4,000 Furniture   2,200
To cash—-     Stock   9,200
Creditors   1,720 Debtors   3,600
Realisation expenses   128      
To profit Trans. To capital a/cs          
Naresh 576        
Munish 576 1,152      
           
    22,800     22,800

Partner’s capital a/c

Particulars Y Z Particulars Y Z
To cash a/c 12,576 8,576 By balance b/d 12,000 8,000
      By realisation a/c (profit) 576 576
           
  12,576 8,576   12,576 8,576

Cash a/c

Particulars Amount Particulars Amount
To bal. b/d 2,000 By real.a/c—-  
To real. a/c—-   Creditors 1,720
Lease 6,000 Expenses 128
Furniture 2,200 Capital  
Stock 9,200 Naresh 12,576
Debtors 3,600 Munish 8,576
       
  23,000   23,000

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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