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

Posted by By Harveerjot Singh 7 Min Read April 9, 2022
Question 14 Chapter 7 - Unimax Class 12 Part 1 - 2021-min
Question 14 Chapter 7 - Unimax Class 12 Part 1 - 2021-min

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

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

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

For more Explanation please check out the following link: –

Read out the full article

Dissolution of a Partnership Firm – its Methods

Also, Check out the same article in Hindi from the following link

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Dissolution of a Partnership Firm – its Methods – in Hindi

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

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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