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Question 14 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 14 Chapter 7 of +2- Part
Q-14. - CH-7 - Usha +2 Book 2018 - Solution

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Question 14 Chapter 7 of +2-Part-1

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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
A30,000CURRENT ASSETS 40,000
B30,000CASH & bank 10,000
C30,000  
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

We are providing a solution of Question 14 Chapter 7 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:

1. Check out the Solution of this question in Video Format:-

The video consists solution of question numbers from 11 to 14 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 14 from the flowing video by using time stamps of the video.

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Day 147 Solution of Questions 11 to 14 Dissolution of Partnership Firm Chapter 7 Accounts class 12

2. Check out the Solution of this question in Article Format:-

The solution of Question 14 Chapter 7 of +2 Part-1: –

Realisation A/c
Particulars
AmountParticularsAmount
To Fixed Assets 1,00,000By creditors 60,000
To Currents Assets 40,000By Bank A/c  
To Bank A/c  Fixed Assets90,000 
Creditors 60,000Currents Assets36,0001,26,000
Expenses 500By loss on realisation:  
Contingent liability 500A5,000 
   B5,000 
   C5,00015,000
  2,01,000  2,01,000
Partners’ Capital Account 
ParticularsABCParticularsABC
To Realisation A/c5,0005,0005,000By Balance b/d30,00030,00030,000
        
        
        
        
To Bank A/c25,00025,00025,000    
 30,00030,00030,000 30,00030,00030,000
Bank A/c
ParticularsAmountParticularsAmount
To balance b/d 10,000By Realisation A/c 61,000
To Realisation A/c 1,26,000By 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

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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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