Question 16 Chapter 7 of +2-Part-1
16. (Journal/Realisation A/c/Capital A/c/Cash A/c) Thapa and Sudarshan are partners sharing profits and losses as to 3/5 and 2/5. Their Balance sheet on 31st March, 2018 was as follows :
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 528 | Cash | 363 |
| Reserve for contingencies | 500 | Investments | 2,080 |
| Bank loan | 1,000 | Debtors | 2,960 |
| Capitals | Stock | 1,875 | |
| Thapa | 6,000 | Furniture | 2,750 |
| Sudarshan | 2,000 | ||
| 10,028 | 10,028 |
They dissolved the firm on this date and assets with the exception of cash and investments were sold for Rs. 6,900. The investments were taken over by Sudarshan at Rs. 2,200 and he agreed to pay the bank loan. The realisation expenses were Rs. 110 and the creditors were paid Rs. 503 in full settlement.
Give various ledger accounts to show the dissolution of the firm. Also give journal entries .
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The solution of Question 16 Chapter 7 of +2 Part-1: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To investments A/c | 2,080 | By creditors | 528 | ||
| To Debtors | 2,960 | By Bank Loan A/c | 1,000 | ||
| To Stock A/c | 1,875 | By cash A/c – Sale of assets | 6,900 | ||
| To Furniture A/c | 2,750 | By Sudarshan’s capital | 2,200 | ||
| To Sudarshan’s capital | |||||
| Bank loan | 1,000 | ||||
| To cash A/c | |||||
| Creditors | 503 | ||||
| Expenses | 110 | ||||
| By loss on realisation : | |||||
| Thapa | 390 | ||||
| Sudarshan | 260 | 650 | |||
| 11,278 | 11,278 | ||||
| Partners’ Capital Account | |||||
| Particulars | Thapa | Sudarshan | Particulars | Thapa | Sudarshan |
| To realisation A/c | 2,200 | By Balance b/d | 6,000 | 2,000 | |
| To realisation A/c | 390 | 260 | By Reserve | 300 | 200 |
| By Realisation A/c | 1,000 | ||||
| To Cash A/c | 5,910 | 740 | |||
| 6,300 | 3,200 | 6,300 | 3,200 | ||
| Cash A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 363 | By Realisation A/c | |||
| To Realisation A/c | 6,900 | Creditors | 503 | ||
| Expenses | 110 | ||||
| By Thapa’s capital A/c | 5,910 | ||||
| By Sudarshan’s capital A/c | 740 | ||||
| 7,263 | 7,263 | ||||
Comment if you have any questions.
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
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Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- 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)
Check out Part 2 of both books.
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication
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