# Question 15 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-15. - CH-7 - Usha +2 Book 2018 - Solution

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: –

 Revaluation A/c Particulars Amount Particulars Amount To Stock 40,000 By Over draft 10,000 To Debtors 24,000 By creditors 30,000 To Machinery 20,000 By Cash A/c To land & buildings 60,000 By Building 90,000 To Cash By Machinery 16,000 To Over draft 10,000 By Debtors 20,000 To Creditors 30,000 By Stock 30,000 To Expenses 2,000 To profit 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
 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.)

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