Question 15 Chapter 7 – Unimax Class 12 Part 1 – 2021

Question 15 Chapter 7 - Unimax Class 12 Part 1 - 2021-min

Question 15 Chapter 7 – Unimax Class 12 Part 1 – 2021

Free Accounting book Solution - Class 11 and Class 12

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:

Liabilities Amount Assets
Amount
Capital a/cs     Building   10,000
J   12,000 Plant   22,000
S   8,600 Stock   6,000
R   10,400 Joint life policy   6,200
Reserve fund   3,000 Debtors   5,000
Employee’s Provident fund   3,000 Accrued interest   1,000
Depp. Reserve   5,000 Cash   2,800
Creditors   11,000      
           
    53,000     53,000

It was agreed to dissolve the firm, and the terms of the dissolution were :

  1. S took over buildings at book value and agreed to pay off creditors.
  2. Accrued interest was not collected whereas there was a contingent liability of ₹ 600 which was met.
  3. Other assets realized: plant ₹ 25000, Stock ₹5000, Debtors ₹ 4600.
  4. 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: –

Realisation a/c

Particulars Amount Particulars
Amount
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
Realisation exp.   600      
Pay. of contingent liab.   600      
To profit Trans. To cap. a/c          
J 2,200        
S 1,467        
R 733 4,400      
           
    69,800     69,800

Partner’s capital a/c

Particulars J S R Particulars J S R
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
               
  15,700 22,067 11,633   15,700 22,067 11,633

Cash a/c

Particulars Amount Particulars Amount
To balance b/d 2,800 By realisation a/c  
To realisation a/c   Employee’s Provident fund 3,000
Plant 25,000 Realisation expenses 600
Stock 5,000 Payment of contingent liability 600
Debtors 4,600 Capitals  
JLP 6,200 J 15,700
    S 12,067
    R 11,633
       
  43,600   43,600

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

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 PSEB – Class 12 – Part -1 – Solution

Usha Publication – Accountancy PSEB – Class 12 – Part II – 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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