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:
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 :
- 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: –
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.
- 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
Check out Other Publishers’ Book’s Solution:
Class +2 – Accounting Books solutions for free
Usha Publication Accountancy Class 12 – Part – 1 – PSEB- Solution
Usha Publication Accountancy Class 12 – Part – 2 – PSEB- Solution
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T.S. Grewal’s Book Keeping +2 Part – A Vol. II – Solution
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