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

Free Accounting book Solution - Class 11 and Class 12

17. Read the following information:

Liabilities Amount Assets
Amount
Accounts payable   25,200 Land and building   11,750
Investment fluctuation fund   5,000 Cash at Bank   3,250
General reserve   6,000 Stock   8,000
Capital     Accounts receivable   31,300
X 15,000   Investment   10,050
Y 10,000   Office equipment   1,850
Z 5,000 30,000      
           
    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

Particulars Amount Particulars
Amount
To land and building   11,750 By accounts payable   25,200
To stock   8,000 By investment fluctuation Fund   5,000
To accounts receivable   31,300 Capitals-    
To investment   10,050 X (investment taken over)   9,000
To office equipment   1,850 Y (stock taken over)   8,750
To cash a/cs—–     Z (office equip. taken over)   1,850
Accounts payable   25,200 By cash a/c——-    
Realisation expenses   225 Accounts receivable   28,500
B/R dishonoured   250 Land and building   12,500
To profit Transfer to capital a/cs          
X 1087.5        
Y 72.5        
Z 362.5 2,175      
           
    90,800     90,800

Partner’s capital a/c

Particulars X Y Z Particulars X Y Z
To real. a/cs –       By balance b/d 15,000 10,000 5,000
 – Invest. took over 9,000     By real. a/c–(Profit on realisation ) 1,087.5 725 362.5
 – Stock took over   8,750   By general reserve 3,000 2,000 1,000
 – Office equip. took over     1,850        
To cash a/c 1,0087.5 3,975 4,512.50        
               
  19,087.50 12,725 6,362.50   19,087.5 12,725 6,362.5

Cash a/c

Particulars Amount Particulars Amount
To balance b/d 3,250 By realisation a/c 25,675
To realisation a/c 41,000 Capital  
    X 10,088
    Y 3,975
    Z 4,512
       
  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: 

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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