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

Question 15 Chapter 7 of +2- Part
Q-15. - CH-7 - Usha +2 Book 2018 - Solution

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Question 15 Chapter 7 of +2-Part-1

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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 10,000Cash in hand 6,000
Reserve 20,000Stock 40,000
Sundry Creditors 30,000Debtors24,000
Capitals  Machinery 20,000
Rama 50,000Land & Buildings 60,000
Krishna40,000  
    
 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.

We are providing a solution of Question 15 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:-

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The video consists solution of question numbers from 15 to 16 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 15 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 15 Chapter 7 of +2 Part-1: –

Revaluation A/c
Particulars
AmountParticularsAmount
To Stock 40,000By Over draft 10,000
To Debtors 24,000By creditors 30,000
To Machinery 20,000By Cash A/c  
To land & buildings 60,000By Building 90,000
To Cash  By Machinery 16,000
To Over draft 10,000By Debtors 20,000
To Creditors 30,000By Stock 30,000
To Expenses 2,000   
To profit     
Rama5,000    
Krishna5,00010,000   
      
  1,96,000  1,96,000
Partners’ Capital Account 
ParticularsRam Krishna ParticularsRam Krishna
   By Balance b/d50,00040,000
   By Reserve10,00010,000
   By Realisation A/c5,0005,000
      
      
To Cash A/c65,00055,000   
 65,00055,000 65,00055,000
Cash Sheet
ParticularsAmountParticularsAmount
To balance b/d 6,000By Realisation A/c 42,000
To output CGST 9,540By output CGST 9,540
To output SGST 9,540By output SGST 9,540
To Realisation A/c 1,56,000By Rama capital A/c 65,000
   By Krishna capital A/c 55,000
  1,62,000  1,62,000
Journal
Date  Particulars
L.F.DebitCredit
I)Journal Entry for Sale of Assets.   
 Cash A/cDr. 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 CGSTDr. 9,540 
 Output SGSTDr. 9,540 
 To Bank A/c   19,080
 (Being GST collected deposited with Govt.)    
     

Comment if you have any questions
Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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