Question 15 Chapter 7 – Unimax Class 12 Part 1 – 2021
15. J, S and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their balance sheet as on 31st December 2021 was as follows:
|R||10,400||Joint life policy||6,200|
|Employee’s Provident fund||3,000||Accrued interest||1,000|
It was agreed to dissolve the firm, and the terms of the dissolution were :
- S took over buildings at book value and agreed to pay off creditors.
- Accrued interest was not collected whereas there was a contingent liability of ₹ 600 which was met.
- Other assets realized: plant ₹ 25000, Stock ₹5000, Debtors ₹ 4600.
- Realisation expenses paid were ₹ 600. JLP was surrendered at book value.
Prepare Realisation a/c, capital a/c and cash a/c.
The solution of Question 15 Chapter 7 – Unimax Class 12 Part 1: –
|To building||10,000||By employees Provident fund||3,000|
|To plant||22,000||By Depp. Reserve||5,000|
|To stock||6,000||By creditors||11,000|
|To JLP||6,200||By S’s capital a/c (building taken over)||10,000|
|To Debtors||5,000||By cash—|
|To accrued interest||1,000||Plant||25,000|
|To S’s capital a/c (cr. Paid)||11,000||Stock||5,000|
|To cash a/c—||JLP||6,200|
|Employee’s Provident fund||3,000||Debtors||4,600|
|Pay. of contingent liab.||600|
|To profit Trans. To cap. a/c|
Partner’s capital a/c
|To real. a/c (building taken over)||10,000||By balance b/d||12000||8600||10400|
|To cash a/c (B.F.)||12,500||12,067||11,633||By realisation a/c (cr. Paid)||11000|
|By realisation a/c (profit)||2200||1467||733|
|By res. Fund||1500||1000||500|
|To balance b/d||2,800||By realisation a/c|
|To realisation a/c||Employee’s Provident fund||3,000|
|Stock||5,000||Payment of contingent liability||600|
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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