Question 18 Chapter 7 of +2-Part-1
18. (Realisation A/c/Partner’s Capital A/e) X. Y and Z are three partners. Their sharing ratio was 3:2: 1. Their balance sheet on 30th September 2015 was as under
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 5,000 | Stock | 5,000 |
| Z’s loan A/c | 3,000 | Debtors | 10,000 |
| X’s current A/c | 1,000 | Goodwill | 15,000 |
| Z’s current A/c | 500 | Furniture | 4,000 |
| Capitals | Cash | 1,000 | |
| X | 15,000 | Y’s current A/c | 5,000 |
| Y | 5,500 | ||
| Z | 10,000 | ||
| 40,000 | 40,000 |
Firm was dissolved on above date :
- Goodwill was purchased by Z for Rs. 12,000.
- X purchased stock for Rs. 6,000
- Realisation from debtors was 10%less.
- Furniture was auctioned for Rs. 3,000.
- Dissolution expenses were Rs. 500.
- Partners will pay cash, if necessary.
- Creditors were paid in full.
Prepare realisation account and partners capital accounts.
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The solution of Question 18 Chapter 7 of +2 Part-1: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Stock | 5,000 | By creditors | 5,000 | ||
| To Debtors | 10,000 | By Z’s Loan A/c | 3,000 | ||
| To goodwill A/c | 15,000 | By Cash A/c | |||
| To Furniture A/c | 4,000 | Debtors | 9,000 | ||
| To Cash | Furniture | 3,000 | 12,000 | ||
| Creditors | 5,000 | By X’s capital A/c- Stock taken over | 6,000 | ||
| Expenses | 500 | By Z’s capital A/c – Goodwill taken over | 12,000 | ||
| Z’s Loan A/c | 3,000 | ||||
| By capital A/c – loss : | |||||
| X | 2,250 | ||||
| Y | 1,500 | ||||
| Z | 750 | 4,500 | |||
| 42,500 | 42,500 | ||||
| Partners’ Capital Account | |||||||
| Particulars | X | Y | Z | Particulars | X | Y | Z |
| To Current A/c | 5,000 | By Balance b/d | 15,000 | 5,500 | 10,000 | ||
| To Realisation A/c- Goodwill /stock | 6,000 | 12,000 | By current A/c | 1,000 | 500 | ||
| To Realisation A/c -loss | 2,250 | 1,500 | 750 | By cash A/c | 1,000 | ||
| To Cash A/c | 7,750 | – | – | ||||
| 16,000 | 6,500 | 12,750 | 16,000 | 6,500 | 12,750 | ||
| Cash A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 1,000 | By Realisation A/c | |||
| To Realisation A/c Debtors | 9,000 | Creditors | 5,000 | ||
| Furniture | 3,000 | Expenses | 500 | ||
| To Y’s capital A/c | 1,000 | Z’s loan A/c | 3,000 | ||
| To Z’s capital A/c | 2,250 | By X’s capital A/c | 7,750 | ||
| 16,250 | 16,250 | ||||
Comment if you have any questions.
End of Solution
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The solution to all questions of Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Question 02 Chapter 7 of +2 Part-1 – USHA Publication
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Question 22 Chapter 7 of +2 Part-1 – USHA Publication
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- 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)
Check out Part 2 of both books.
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication
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