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Question 17 Chapter 7 – Unimax Class 12 Part 1 – 2021

Question 17 Chapter 7 - Unimax Class 12 Part 1 - 2021-min
Question 17 Chapter 7 - Unimax Class 12 Part 1 - 2021-min

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Question 17 Chapter 7 – Unimax Class 12 Part 1 – 2021

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17. Read the following information:

LiabilitiesAmountAssets
Amount
Accounts payable 25,200Land and building 11,750
Investment fluctuation fund 5,000Cash at Bank 3,250
General reserve 6,000Stock 8,000
Capital  Accounts receivable 31,300
X15,000 Investment 10,050
Y10,000 Office equipment 1,850
Z5,00030,000   
      
  66,200  66,200

X, Y and Z were sharing profits in proportion to their capitals. They agreed to dissolve the firm on 31st March 2021. X took over-investment at ₹ 9000 and Y took overstock at ₹ 8750. Office equipment was taken over by Z at book value. A/cs receivable and land and buildings realized ₹ 28500 and ₹ 12500, respectively. The firm incurred ₹225 as realisation expenses.
A bill receivable discounted by bankers was dishonoured and the firm had to pay ₹ 250 to the bankers.
Record-Journal entries and prepare the ledger accounts to close the books of the firm.
The balance sheet of the firm was as follows:

The solution of Question 17 Chapter 7 – Unimax Class 12 Part 1: –

Realisation a/c

ParticularsAmountParticulars
Amount
To land and building 11,750By accounts payable 25,200
To stock 8,000By investment fluctuation Fund 5,000
To accounts receivable 31,300Capitals-  
To investment 10,050X (investment taken over) 9,000
To office equipment 1,850Y (stock taken over) 8,750
To cash a/cs—–  Z (office equip. taken over) 1,850
Accounts payable 25,200By cash a/c——-  
Realisation expenses 225Accounts receivable 28,500
B/R dishonoured 250Land and building 12,500
To profit Transfer to capital a/cs     
X1087.5    
Y72.5    
Z362.52,175   
      
  90,800  90,800

Partner’s capital a/c

ParticularsXYZParticularsXYZ
To real. a/cs –   By balance b/d15,00010,0005,000
 – Invest. took over9,000  By real. a/c–(Profit on realisation )1,087.5725362.5
 – Stock took over 8,750 By general reserve3,0002,0001,000
 – Office equip. took over  1,850    
To cash a/c1,0087.53,9754,512.50    
        
 19,087.5012,7256,362.50 19,087.512,7256,362.5

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Cash a/c

ParticularsAmountParticularsAmount
To balance b/d3,250By realisation a/c25,675
To realisation a/c41,000Capital 
  X10,088
  Y3,975
  Z4,512
    
 44,250 44,250

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: 

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