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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
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

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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.

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

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

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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

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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