Question 15 Chapter 7 of +2-Part-1
15. (Realisation A/c/GST) Following is the Balance Sheet of Rama and Krishna who are equal partners on 31-3-2013, on which date the firm is dissolved :
| Liabilities | Rs. | Assets | Rs. |
| Bank overdraft | 10,000 | Cash in hand | 6,000 |
| Reserve | 20,000 | Stock | 40,000 |
| Sundry Creditors | 30,000 | Debtors | 24,000 |
| Capitals | Machinery | 20,000 | |
| Rama | 50,000 | Land & Buildings | 60,000 |
| Krishna | 40,000 | ||
| 1,50,000 | 1,50,000 |
Assets realised as follows:
Land and Building Rs. 90,000
Machinery 80%
Stock 75%
Debtors Rs. 20,000
CGST and SGST were levied on Sale of Land & Building and Machinery @ 9% each. These Taxes were deposited with Govt. Department. Expenses on realisation amounted to 2,000. Prepare a Realisation Account.
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The solution of Question 15 Chapter 7 of +2 Part-1: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Stock | 40,000 | By Overdraft | 10,000 | ||
| To Debtors | 24,000 | By creditors | 30,000 | ||
| To Machinery | 20,000 | By Cash A/c | |||
| To land & buildings | 60,000 | Land & Building | 90,000 | ||
| To Cash | Machinery | 16,000 | |||
| Bank Overdraft | 10,000 | Debtors | 20,000 | ||
| Creditors | 30,000 | Stock | 30,000 | ||
| To Expenses | 2,000 | ||||
| To profit on Realisation | |||||
| Rama | 5,000 | ||||
| Krishna | 5,000 | 10,000 | |||
| 1,96,000 | 1,96,000 | ||||
| Partners’ Capital Account | |||||
| Particulars | Ram | Krishna | Particulars | Ram | Krishna |
| By Balance b/d | 50,000 | 40,000 | |||
| By Reserve | 10,000 | 10,000 | |||
| By Realisation A/c | 5,000 | 5,000 | |||
| To Cash A/c | 65,000 | 55,000 | |||
| 65,000 | 55,000 | 65,000 | 55,000 | ||
| Cash Sheet |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 6,000 | By Realisation A/c | 42,000 | ||
| To output CGST | 9,540 | By output CGST | 9,540 | ||
| To output SGST | 9,540 | By output SGST | 9,540 | ||
| To Realisation A/c | 1,56,000 | By Rama capital A/c | 65,000 | ||
| By Krishna capital A/c | 55,000 | ||||
| 1,62,000 | 1,62,000 | ||||
Working Note:-
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| I) | Journal Entry for Sale of Assets | . | |||
| Cash A/c | Dr. | 1,35,080 | |||
| To Realisation A/c | 1,16,000 | ||||
| To output CGST | 9,540 | ||||
| To output SGST | 9,540 | ||||
| (Being assets realized at the time dissolution) | |||||
| ii) | Journal Entry for deposit of GST with Govt. | ||||
| Output CGST | Dr. | 9,540 | |||
| Output SGST | Dr. | 9,540 | |||
| To Bank A/c | 19,080 | ||||
| (Being GST collected deposited with Govt.) | |||||
Comment if you have any questions.
End of Solution
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The solution to all questions of Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
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Question 40 Chapter 7 of +2 Part – 1 – USHA Publication
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- 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)
Check out Part 2 of both books.
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
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