Question 14 Chapter 7 - Unimax Class 12 Part 1 - 2021

Question 14 Chapter 7 – Unimax Class 12 Part 1 – 2021

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The solution of Question 14 Chapter 7 – Unimax Class 12 Part 1: –

Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.

Accountancy – Unimax Class 12 Part 2 – 2021 – Solution.

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14. P, Q and R were partners in the firm sharing profits and losses in the ratio of 5:3:2. They agreed to dissolve their partnership firm on 31st March 2021. P was deputed to realise the assets and pay the liabilities. He was paid ₹ 1000 as commission for his services. The financial position of the firm was as follows:

Liabilities	Amount	Assets		Amount
Creditors	10,000	Plant and machinery		30000
Bills payable	3,700	Stock		5500
Investment fluctuation fund	4,500	Investment		15000
Capitals		Debtors	7100
P	37,500	(-) prov	450	6650
Q	15,050	Cash		5600
		R’s capital		8000

	70,750			70,750

P took over Investments for ₹ 12500. Stock and Debtors were sold for ₹11500. Plant and machinery were sold for ₹22500. Unrecorded assets were realised for ₹ 1500.
Prepare necessary ledger a/cs to close the books of the firm.

The solution of Question 14 Chapter 7 – Unimax Class 12 Part 1: –

Realisation a/c

Particulars	Amount	Particulars		Amount
To plant and machinery	3,800	By creditors		10,000
To stock	10,000	By bills payable		3,700
To investment	2,000	By investment fluctuation fund.		4,500
To Debtors	4,000	By provision for d.d.		450
To cash—-		By P’s capital a/c (Investment taken over)		12,500
Creditors	1,720	By cash a/c
Bills payable	128	Stock &Debtors		11,500
		Plant and machinery		22,500
		Unrecorded assets		1,500
		By loss on real. Trans. to capital a/c
		P	2,325
		Q	1,395
		R	930	4,650

	71,300			71,300

Partner’s capital a/c

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Particulars	P	Q	R	Particulars	P	Q	R
To bal. b/d			8,000	By bal. B/d	37,500	15,050
To real. a/c (investment)	12,500			By cash a/c			8,430
To real. a/c(Loss)	2,325	1,395
To cash a/c	22,675	13,655	930

	37,500	15,050	8,576		37,500	15,050	8,430

Cash a/c

Particulars	Amount	Particulars	Amount
To bal.b/d	5,600	By realisation a/c
To realisation a/c		Creditors	10,000
Stock & Debtors	11,500	Bills payable	3,700
Plant and machinery	22,500	By P’s capital a/c	22,675
Unrecorded assets	1,500	By Q’s capital a/c	13,655
To R’s capital a/c	8,930

	50,030		50,030

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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

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Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.

Chapter No. 1 – Accounts of Non-Profit Organisations
Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
Chapter No. 3 – Partnership Accounts – II (Goodwill)
Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
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)

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 Class 12 – Part – 1 – PSEB- Solution

Usha Publication Accountancy Class 12 – Part – 2 – PSEB- 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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The solution of Question 14 Chapter 7 – Unimax Class 12 Part 1: –

Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.

Accountancy – Unimax Class 12 Part 2 – 2021 – Solution.

Check out Other Publishers’ Book’s Solution:

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