
Question 14 Chapter 7 of +2-Part-1
14. (Realisation A/c/Partner’s Capital Ne/Cash A/e) A, B and C are partners sharing Profits and Losses equally. They dissolve the firm on 31st March, 2018 on which date their position was as follows:
Liabilities | Rs. | Assets | Rs. |
Capital A/c | FIXED ASSETS | 1,00,000 | |
A | 30,000 | CURRENT ASSETS | 40,000 |
B | 30,000 | CASH & bank | 10,000 |
C | 30,000 | ||
CREDITORS | 60,000 | ||
1,50,000 | 1,50,000 |
All the assets realised 10 % less than the book value. Creditors were paid in full. Expenses of Liquidation amounted to Rs. 500 and a contingent liability not provided for at Rs. 500.
Prepare:
(i) Realisation accounts
(ii) Partners capital account
(iii) Cash account
The solution of Question 14 Chapter 7 of +2 Part-1: –
Revaluation A/c |
|||||
Particulars |
Amount | Particulars | Amount | ||
To Fixed Assets | 1,00,000 | By creditors | 46,300 | ||
To Currents Assets | 40,000 | By Bank A/c | 2,89,820 | ||
To Bank A/c | By Fixed Assets | 90,000 | |||
To Creditors | 60,000 | By Currents Assets | 36,000 | 1,26,000 | |
To Expenses | 500 | By Capital A/c – loss : | |||
To Contingent liability | 500 | A | 5,000 | ||
B | 5,000 | ||||
C | 5,000 | 15,000 | |||
2,01,000 | 2,01,000 |
Partners’ Capital Account | |||||||
Particulars | A | B | C | Particulars | A | B | C |
To Realisation A/c | 5,000 | 5,000 | 5,000 | By Balance b/d | 30,000 | 30,000 | 30,000 |
To Balance c/d | 25,000 | 25,000 | 25,000 | ||||
30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 |
Bank A/c |
|||||
Particulars | Amount | Particulars | Amount | ||
To balance b/d | 10,000 | By Realisation A/c | 61,000 | ||
To Realisation A/c | 1,26,000 | By A’s capital A/c | 25,000 | ||
By B’s capital A/c | 25,000 | ||||
By C’s capital A/c | 25,000 | ||||
1,36,000 | 1,36,000 |
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
