Question 16 Chapter 7 – Unimax Class 12 Part 1 – 2021

Question 16 Chapter 7 - Unimax Class 12 Part 1 - 2021-min

Question 16 Chapter 7 – Unimax Class 12 Part 1 – 2021

Free Accounting book Solution - Class 11 and Class 12

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

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

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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