Question 17 Chapter 7 – Unimax Class 12 Part 1 – 2021
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.
- 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
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T.S. Grewal’s Book Keeping +2 Part – A Vol. II – Solution
T.S. Grewal’s Book Keeping +2 Part – B – Solution