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Question 16 Chapter 7 – Unimax Class 12 Part 1 – 2021
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16. The balance sheet of P, Q and R as on March 31st 2021 who were sharing in the ratio of 5:3:1 was as follows:
| Liabilities | Amount | Assets | Amount | ||
| Notes payable | 40,000 | Building | 40,000 | ||
| Loan from bank | 30,000 | Plant and machinery | 40,000 | ||
| Reserve fund | 9,000 | Stock | 19,000 | ||
| Capital | S. Debtors | 42,000 | |||
| P | 44,000 | (-)prov. | 2,000 | 40,000 | |
| Q | 36,000 | Cash at bank | 40,000 | ||
| R | 20,000 | ||||
| 1,79,000 | 1,79,000 | ||||
On this date, the partners dissolved the business. The assets realized– Stock ₹ 23400, Debtors 50%. Fixed assets 10% less than their book value. Notes payable were settled for 80%. There was an outstanding bill of 800 which was paid off. Realisation expenses of ₹ 1250 were also paid.
Prepare Realisation a/c, Bank a/c, Partners capital a/c.
The solution of Question 16 Chapter 7 – Unimax Class 12 Part 1: –
Realisation a/c
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| Particulars | Amount | Particulars | Amount | ||
| To building | 40,000 | By provision for d.d. | 2,000 | ||
| To plant and machinery | 40,000 | By notes payable | 40,000 | ||
| To stock | 19,000 | By loan from bank | 30,000 | ||
| To S. Debtors | 42,000 | By cash a/c— | |||
| To cash a/c | Stock | 23,400 | |||
| Notes payable | 32,000 | Debtors | 21,000 | ||
| Payment of outstanding bill | 800 | Building | 36,000 | ||
| Realisation expenses | 1,250 | Plant and machinery | 36,000 | ||
| Loan from bank | 30,000 | By loss on real. Trans. to capital a/cs | |||
| P | 9,250 | ||||
| Q | 5,550 | ||||
| R | 1,850 | 16,650 | |||
| 2,05,050 | 2,05,050 | ||||
Partner’s capital a/c
| Particulars | p | Q | R | Particulars | p | Q | R |
| To real. a/c (loss) | 9,250 | 5,550 | 1,850 | By balance b/d | 44,000 | 36,000 | 20,000 |
| To cash a/c (B.F.) | 39,750 | 33,450 | 19,150 | By res. Fund | 5,000 | 3,000 | 1,000 |
| 49,000 | 39,000 | 21,000 | 49,000 | 39,000 | 21,000 |
Cash a/c
| Particulars | Amount | Particulars | Amount |
| To balance b/d | 40,000 | By realisation a/c— | |
| To realisation a/c— | Notes payable | 32,000 | |
| Stock | 23,400 | Payment of outstandings | 800 |
| Debtors | 21,000 | Realisation expenses | 1,250 |
| Building | 36,000 | Loan from bank | 30,000 |
| Plant and machinery | 36,000 | Capital | |
| P | 39,750 | ||
| Q | 33,450 | ||
| R | 19,150 | ||
| 1,56,400 | 1,56,400 |
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
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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
T.S. Grewal’s Book Keeping +2 Part – A Vol. I – Solution
T.S. Grewal’s Book Keeping +2 Part – A Vol. II – Solution
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T.S. Grewal’s Book Keeping +2 Part – B – Solution
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