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Question 16 Chapter 7 of +2-Part-1
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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 .
We are providing a solution of Question 16 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. 16 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 16 Chapter 7 of +2 Part-1: –
| Revaluation 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 capital A/c – loss : | |||||
| 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
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- 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)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
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