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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
- 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
